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Industrial Production Records Muted April Uptick
GERMANY APR INDUST PROD +0.3% M/M (FCST +0.6%); MAR -2.1% M/M
GERMANY APR INDUST PROD +1.6% Y/Y (FCST +1.5%); MAR +2.3% M/M
- German industrial production recorded muted growth at +0.3% m/m in April, 0.3pp softer than consensus expectations. Production rose +1.6% y/y.
- This follows an expansionary French print (+0.8% m/m) and contractive Spanish (-1.8% m/m) so far in a mixed month for April eurozone production.
- German production across sectors was divergent: Construction rebounded (+2.0% m/m), pharmaceuticals jumped (+6.4%), whilst auto slumped (-0.8%) alongside engineering (-0.5%).
- The +1.5% m/m growth in consumer goods production outweighed soft declines in capital and intermediate goods.
- Headwinds to demand persist. German factory orders contracted for a second consecutive month in April, which alongside a sub-50 PMI and muted IFO expectations imply lacklustre production buffered by previous orders for now.
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