In economic news, Statistics office Destatis reported early on Monday morning that German industrial production remained unchanged in December.
Europe’s largest economy saw its industrial output stagnate in December as lockdowns at home and abroad held back the export-oriented economy, the powerhouse of the European Union project.
Total industrial output which comprises production in manufacturing, energy and construction stayed unchanged from November, making it the the first stagnation after seven successive months of expansions.
December’s figures fell short of analysts’ expectations after a forecast of a 0.8% increase was made.
A positive, however, was Destatis upwardly revising November’s industrial production on-month gain to 1.5% from the 0.9% previously reported.
The economy ministry said of the figures:
“The further outlook for the industrial sector remains subdued, however, given the pandemic development and supply bottlenecks in the semiconductor industry,”
German Data Highlights Concerns
Monday’s weak figures follow on from another set of weak data from the world’s fourth-largest economy.
Data from Germany last week showed that orders for German-made goods dropped more than expected in December, ending another seven-month streak of positive data. Friday’s publication of manufacturing orders data for December showed a 1.9% month-on-month contraction on an adjusted basis.
