Germany Industrial production February 2021


Germany: Industrial output falls in February

April 9, 2021

The industrial sector remained in a tough spot midway through the first quarter as output fell 1.6% month-on-month on a calendar-adjusted basis in February, following January’s 2.0% contraction. The print came on the back of falling capital goods and intermediate goods as well as a contraction in energy production and construction activity. On the other hand, consumer goods output rose, albeit marginally, and softened the fall.

On an annual basis, industrial production dived 6.4% in February, down from January’s 4.0% fall.

Carsten Brzeski, global head of macro at ING, commented:

“February industrial data makes it hard to see how the economy could still escape a contraction in the first quarter. […] In fact, it would need an explosion of manufacturing and construction activity in March to prevent the German economy from falling into contraction in the first quarter of the year. Industrial production is currently stable compared with the fourth quarter, but the construction sector alone would contribute to a drop in GDP by more than 0.5%.”

Panelists polled by FocusEconomics expect industrial production to increase 7.0% in 2021. For 2022, the panel sees industrial production expanding 3.4%.


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Germany Industrial production Chart

Germany Industry February 2021

Note: Month-on-month changes of seasonally adjusted industrial production and annual growth rate in %.
Source: Federal Statistics Office (Destatis).

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