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Construction leads the slump in German IP

GERMAN DATA
MNI (London)

DEC IP -0.3% M/M, -4.1% Y/Y; NOV +0.3r% M/M

  • Germany's industrial production disappointed again today, with both monthly and annual readings coming in below expectations.
  • IP edged further downwards by -0.3% m/m, one point lower than upwardly-revised November and 0.8% m/m lower than the forecast which saw an increase of 0.5% m/m.
  • On the year, IP also disappointed, dipping a further 1.9 points to -4.1% y/y in December, despite the consensus expecting a softer 3.6% decline. Capital goods and intermediate production rose by 2.5% and 0.6% respectively, however consumer goods production dampened by 0.5%. Construction led the decline at -7.3%.
  • Compared to the pre-pandemic level, German IP was 6.9% lower in December.

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