The German industrial production declined by 1.6% in February compared to the previous month, when it recorded an anemic growth of 0.1% and a median expectation of the financial markets to rise by 0.3%. The factory output has sustained a positive momentum since October 2017 when it was 2.2 per cent. Experts suggest the growth trend till sustain in future.
"The enhanced manufacturing position has also been reflected in improved consumption demand, upswing in vehicle sales, cement and diesel production", Richa Gupta, senior economist and Senior Director at Deloitte India, said.
Manufacturing output declined 0.2% on the month in February after a flat January, the first monthly fall in nearly a year.
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"The robust 20 expansion in capital goods output was primarily driven by separators, trucks, ship building and commercial vehicles, which together account for less than 20 per cent of the capital goods sub-index. In our view, recovery in investment activity remains limited to certain sectors", Aditi Nayar, Principal Economist ICRA, said. While retail inflation cooled at 4.28% in March on the back of lower vegetable and food prices and removal of supply glitches by the government, industrial production growth slowed at 7.1% in February compared to a high of 7.5% in the previous month.
The pace of economic growth slowed slightly in 2017 as higher inflation caused by the fall in sterling after the Brexit vote hurt consumers, although some exporters have gained from the weaker pound and the stronger euro zone economy. "However, both consumer durables and non-durables posted a growth in excess of 7 per cent in February, signalling that the underlying consumer demand in the economy remains healthy", Nayar said.
While food price inflation stood at 2.8% compared with 3.26% in February, prices of pulses fell 13.4% in March year-on-year.
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Year-on-year, energy production rose 5.7 percent in February after a 8.9 percent plunge in January, but all other components showed a smaller annual rise than the month before.
IPI growth for January 2018 was revised upwards to 5.4% y-o-y from 3% y-o-y.
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