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German industrial production unexpectedly drops in January; trade surplus slips

Germany's industrial production declined 0.8% on a monthly basis in January after price, seasonal and calendar adjustments, following a revised 0.8% increase in the previous month, provisional data from the country's Federal Statistical Office showed.

The Econoday consensus estimated a 0.5% increase in January.

Excluding energy and construction, industry production in January fell by 1.2% month over month. Production of capital goods dropped 2.5%, while intermediate goods production slipped by 0.7%. Consumer goods production was up 1.5% in the month.

Energy production rose 3.6% on a monthly basis in January, while construction production ticked up 0.2%.

On an annual basis, price- and calendar-adjusted industrial production dropped 3.3% in January, following a revised 2.7% decline in the previous month.

Separately released data showed that Germany's foreign trade surplus reached €18.5 billion on a calendar- and seasonally adjusted basis in January, down from €19.9 billion in December 2018. Exports were virtually flat on a monthly basis at €112.4 billion, while imports rose 1.5% to €93.9 billion.

The unadjusted trade surplus reached €14.5 billion in January, compared with €14.3 billion in the last month of 2018. Exports rose to €108.9 billion from €96.1 billion, while imports increased to €94.4 billion from €81.8 billion.

Germany's current account surplus came in at €18.3 billion in January, down from €23.1 billion a month ago.