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09 Apr 2021 | 09:21

German industrial production unexpectedly drops in February

(Sharecast News) - German industrial production unexpectedly declined in February amid coronavirus restrictions, according to figures released on Friday by Destatis. Industrial production fell 1.6% on the month following a 2% drop in January, missing expectations for a 1.5% increase.

On the year, output was down 6.4% in February following a 4% decline the month before.

Compared with February 2020, the month before coronavirus restrictions were imposed in Germany, real production fell 6.4% in February 2021.

Production in industry excluding energy and construction fell 1.8%. Within industry, the production of capital goods declined 3.2% while the production of intermediate goods was 1% lower. The production of consumer goods edged up 0.2%.

Outside industry, energy production was 1% lower in February and the production in construction fell 1.3%.

Andrew Kenningham, chief Europe economist at Capital Economics, said: "The unexpected fall in industrial production in February means that German GDP will almost certainly have contracted in Q1.

"With severe restrictions likely to remain in place until well into the second quarter, a sustained recovery is unlikely until the second half of the year."
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