German industrial production rose 3.0% MoM (vs 0.8% MoM expected) in March but was down -0.2% YoY, following a -1.3% MoM and -4.1% YoY drop in February.

• The 3Mo3M comparison showed a 1.4% increase in Q1 2025, the strongest gain since early 2022.
• Excluding energy and construction, production rose 3.6% MoM and 0.3% YoY.
• Automotive (+8.1% MoM), pharmaceuticals (+19.6% MoM), and machinery (+4.4% MoM) drove much of the gain.
• Consumer goods and capital goods both increased 4.9% MoM, while intermediate goods were up 1.1% MoM.
• Energy production fell -1.8% MoM, while construction rose 2.1% MoM; energy-intensive production rose 1.5% MoM but remained down -2.3% YoY.