In Germany, industrial production rose for the second consecutive month in February. On a monthly basis, industrial production increased by 1.6% M/M, while the consensus was looking for only a moderate increase (by 0.5% M/M). Also the previous figure was upwardly revised, from 1.8% M/M to 2.0% M/M. The breakdown shows that strength was broad based. Construction rose by 3.4% M/M, but also mining and manufacturing (1.4% M/M) and energy (1.2% M/M) remained strong in February. Within the manufacturing sector, production of intermediate goods (1.0% M/M), capital (1.6% M/M) and consumer goods (1.4% M/M) was strong. These data confirm what we the surveys suggested, that Europe’s biggest economy started the year very strongly.