Germany's industrial output rebounds in April

Germany’s industrial output grew 0.3% in April, shifting from a downwardly revised 2.1% decline in March, according to official data released on Wednesday, Azernews reports, citing Anadolu Agency.

The figure came below the market estimate of a 0.6% hike for the month.

The growth was led by a rebound in construction (up 2% in April after falling 2.9% in March) and a rise in the manufacture of basic pharmaceutical products and pharmaceutical preparations (up 6.4%), the German statistical authority Destatis said in a statement.

On the other hand, the manufacture of motor vehicles and parts fell by 0.8% and engineering dropped 0.5% during the same period, offsetting the surge in the main reading.

The production of capital goods decreased by 0.3%, intermediate goods fell by 0.2% and energy went down by 1.5% compared with the previous month.

On the contrary, consumer goods production increased by 1.5% in April.

On an annual basis, Germany's industrial production grew 1.6% in April after a 2.3% surge in March.