Germany – Significant increase in production
Industrial production rose by 3% in March compared with February.
Commerzbank Economic Research
05/08/2025
Another positive figure from German industry: following yesterday's report of a strong 3.6% increase in new orders, industrial production also rose by 3% in March. In the manufacturing sector it even increased by 3.6%. This means that industrial production in the first quarter rose by 1.5% compared with the final quarter of 2024, making a significant contribution to the slight growth of the German economy as a whole in the first quarter.
Today's figures certainly exaggerate the underlying trend in production. Some production may have been brought forward in view of the impending US tariffs. This is likely to have played a role in the strong increase in the pharmaceutical sector (+19.6% compared to the previous month), for example. In addition, the effect of the relatively late date of Easter may not have been completely eliminated in the seasonal adjustment. But even without these effects, there would probably have been a noticeable increase.
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