Germany's industrial output grows much faster than expected

Germany's industrial output rose far more than market estimates in November, according to official data released on Thursday.

Production in industry grew 1.5% month-on-month in November, reversing October's upwardly revised 0.4% decline, German statistical authority Destatis said in a statement.

The market had forecast the output to gain 0.5% in the month.

The improvement was mainly led by a 5.6% increase in energy, a 2.1% rise in construction, and the "manufacture of other transport equipment" sector (aircraft, ships, trains, military vehicles) jumping 11.4%.

The production of capital goods rose 1.4%, consumer goods 0.9%, and intermediate goods 0.5%, it added.

On an annual basis, Germany's industrial production fell for the 18th consecutive month, falling 2.8% in November.