February 07, 2023 07:23 GMT
2022 Industrial Production 5% Below Pre-Covid Levels
GERMANY DEC INDUSTRIAL PROD. -3.1% M/M (FCST -0.8%); NOV +0.4%r M/M
GERMANY DEC INDUSTRIAL PROD. -3.9% Y/Y (FCST -1.6%); NOV -0.5%r Y/Y
- Germany industrial production fell by -3.1% m/m and -3.9% y/y in December, below forecasts of a softer contraction.
- Real industrial production for the total of 2022 was -0.6% below that of 2021 and a marked 5.0% below pre-covid 2019.
- Energy production slumped -2.3% m/m, intermediate goods production -5.8% m/m and construction plunged -8.0% m/m. Consumer goods rose +0.3% m/m and capital goods production was flat.
- Energy-intensive production (around one-fifth of German industry) continued to fall markedly (-6.1% m/m) due to high energy costs.
- This German print will cancel out the modest French boost to the Eurozone aggregate print (due Feb 15), signalling a weak end to Q4.
- January PMI data remained contractionary, yet moderated for a third month as easing cost pressures, supply bottlenecks and more muted recessionary fears feed into improved optimism going forward.
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