(CercleFinance.com) – After rising 1.4% in January (revised from an initial estimate of +2.7%), German industrial production rose 0.2% in February, according to the federal statistics office, to come out at a level 3.8% lower than in February 2020.
Excluding energy (+4.9%) and construction (-0.7%), actual manufacturing output rose 0.1% month-on-month, driven in particular by an increase of 4.4% for consumer goods.
“The war in Ukraine and further shutdowns in China will further exacerbate supply issues, with the result that many companies are more likely to cut production once more,” Commerzbank warns.
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