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(CercleFinance.com) – After rising 0.3% in November (revised from an initial estimate of -0.2%), German industrial production fell symmetrically in December, according to the Federal Statistical Office , to stand at a level 6.9% lower than in February 2020.
Excluding energy (-0.7%) and construction (-7.3%), German manufacturing output itself rose 1.2% month-on-month, driven in particular by an increase of 2.5% for capital goods.
‘This is due to a new surge in the automotive industry, whose production has thus continued its recovery of the past few months. This indicates that, at least here, the supply of incoming products has improved somewhat,” Commerzbank points out.
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