Brandenburg Gate in Berlin, Germany

Germany Industrial production March 2024

Germany: Industrial output deteriorates in March

Industrial output dropped 0.4% seasonally adjusted on a month-on-month basis in March (February: +1.7% s.a. mom). The reading marked the first monthly downturn so far in 2024, though it surprised markets on the upside. Looking at the details of the release, the figure was driven by slowdowns in mining and construction output. Moreover, the manufacturing sector swung into contraction in March. Meanwhile, energy output fell at a softer pace than in the prior month.

On an annual basis, industrial output fell 3.3% in March, easing from February’s 5.3% fall and marking the best result since August 2023. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.8% in March, down from February’s minus 2.3% reading.

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