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Germany's industrial output down for 2nd straight month in January

Industrial output in Germany slipped for the second consecutive month in January on a monthly basis, provisional data of the Federal Statistical Office showed.

German industrial production was down 0.1% in January, while December 2017's drop was upwardly revised to 0.5%, after price, seasonal and calendar adjustments.

"After yesterday's disappointing new orders data, industrial production and trade were also weaker than expected," Carsten Brzeski, chief economist for Germany and Austria at ING Research, said in an article.

Year on year, January's price and calendar-adjusted industrial production was up 5.5% in Germany, down from a 6.2% annual growth in December 2017.

Excluding energy and construction, production rose 0.6% month over month in January. Production of capital and consumer goods gained 1.4% and 2.0%, respectively. Energy production shrank 3.3% in January and construction production decreased by 2.2%, according to the statistical office.

The production of intermediate goods showed a decrease by 1.2%.

"Capacity utilization is at its highest level since 2008; the last time companies regarded equipment as such a strong limitation to production was in 2007," Brzeski said, noting bright prospects for German industry. "Order books are filled and companies currently report the longest ever period of assured production."