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Industrial Production Up +2.5% in Q1

MNI (London)

GERMANY MAR IND PROD -3.4% M/M (FCST -1.5%); FEB +2.1%r M/M


  • After March factory orders saw a marked drop, German IP contracted by -3.4% m/m in March, sharper than the -1.5% m/m decrease anticipated by consensus.
  • In aggregate, total Q1 German industrial production rose +2.5% q/q.
  • After driving the February expansion, automotive production fell back again in March (-6.5% m/m).
  • Further declines were recorded in machinery and equipment (-3.4% m/m) and construction (-4.6% m/m).
  • Looking forward, the April manufacturing PMI signalled continued headwinds to demand, as firms reduce stock levels and overall purchasing hesitancy prevails.
  • Yet Destatis flagged backlogs being sufficient for 7.5 months of continued production in the latest February data, implying overall production will be buffered for now despite waning demand.

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