German industrial production grew at its fastest pace
Berlin - SPA
German industrial production grew at its fastest pace in more than two years in July, adding to signs that Europe's biggest economy has regained momentum after a weak second quarter.
Output rose by a more-than-forecast 1.9 percent from June, when it expanded by an upwardly revised 0.4 percent, the Economics Ministry said Friday.
Analysts had expected the data to show production expanded by just 0.4 percent in July compared with the ministry's original estimate of a 0.3-percent growth rate, dpa reported.
After contracting by 0.2 percent in the second quarter compared with 0.7 percent in the first three months of the year, the data raises hopes of a pickup in the German economy in the third quarter ending in September.
"The manufacturing industry had an encouraging start to the third quarter," the ministry said, adding that the timing of school vacations had contributed to the rise. It was the strongest gain since March 2012.