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Germany : Industrial Production  
Released On 2/7/2017 2:00:00 AM For Dec, 2016
PriorPrior RevisedConsensusActual
Month over Month0.4 %0.5 %0.4 %-3.0 %
Year over Year2.1 %2.3 %-0.6 %

Industrial production fell out of bed at year-end. Following a marginally stronger revised 0.5 percent monthly rise in November, output slumped some 3.0 percent, its worst performance since January 2009 in the midst of the Great Recession. Annual growth slumped from 2.3 percent to minus 0.6 percent, its first negative print since last July.

The monthly nosedive reflected broad-based losses amongst the major production categories. Capital goods (5.4 percent) were especially weak but consumer goods (3.1 percent) were not far behind. Intermediates (1.1 percent) held up slightly better as did energy (0.9 percent). Elsewhere construction was down 1.7 percent. Total manufacturing fell 3.4 percent after just a 0.4 percent increase in November.

The surprising weakness of the December data leaves a 0.1 percent quarterly contraction in total industrial production and a 0.2 percent decrease in manufacturing output. The former ended 2016 at its lowest level since August 2014. Fortunately, as yesterday's manufacturing orders report made clear, there would seem to be sufficient demand already in the pipeline as to ensure that January sees a solid rebound. Nonetheless, the shockingly poor end to the year will make for downside risk to fourth quarter GDP growth and analysts will now likely feel obliged to trim their estimates accordingly.

Industrial production measures the physical output of the nation's factories, mines and utilities. Data are collected from companies in the sector with fifty or more employees and include mining and quarrying, manufacturing, energy and, in contrast to its Eurozone counterpart, construction.  Why Investors Care

2017 Release Schedule
Released On: 1/92/73/84/75/96/87/78/79/710/911/712/7
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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