Germany: Industrial output plummets in December
January 7, 2017
Industrial production swung from a seasonally-adjusted 0.5% expansion in November to a 3.0% contraction in December. The reading vastly contrasted market expectations of a small 0.3% increase. December’s print was driven by a contraction in three of the four components of the index, including a 3.3% contraction in manufacturing, which more than offset an expansion in mining and quarrying.
Compared to the same month of the previous year, industrial production fell 0.7% in December, which came in below November’s 2.3% expansion. In December, annual average growth in industrial production was stable at November’s 1.0%.
Author: Christopher Mc Innes, Economist