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BERLIN, Jan 8 (Reuters) – German industrial production and exports rose in November, adding to signs that the manufacturing sector boosted Europe’s largest economy in the fourth quarter.
Business output rose 0.9% on the month and exports rose 2.2%, figures released by the Federal Bureau of Statistics on Friday showed.
It was the seventh month in a row that the two readings have risen, following a shutdown in March and April to push the first wave of the coronavirus pandemic triggered by an economic crisis that was expected to push Germany into recession worst since World War II.
A breakdown of output data showed that manufacturing and construction compensated for a fall in energy output, which fell by nearly 4%.
Imports rose 4.4%, resulting in the current account and trade balance falling from the previous month.
Germany imposed another ban in November which was strengthened and extended this month as it struggles to contain a second wave of disease, with restaurants, theaters, a fitness studio and all other non-essential businesses force them to close.
“Data released today confirms that German manufacturers are resisting the restrictions imposed in November much better than many feared and suggest that the economy almost certainly expanded in Q4 last year, ”said Andrew Kenningham, Chief European Economist at Capital Economics.
“However, we suspect he will be making a contract again in Q1 as the lockout … is unlikely to be reduced until spring. ”(Reciting by Joseph Nasr and René Wagner; Editing by Maria Sheahan and John Stonestreet)