Germany's industrial production falls both on monthly and on annual basis in November

Industrial production in Germany, Euro Area's biggest economy, fell in November 2021 both on annual and on monthly basis, fresh data by the Germans statistics office (Destatis) showed. The index (IPI) stood at 103.5 and its annual growth rate decelerated further into negative territory to -2.4% y/y from 0.9% y/y in October, according to working day adjusted figures. The monthly change, calculated on seasonally and working day data, was -0.2% m/m in November, compared to a 2.4% y/y increase in the previous month.

Destatis points out that the industrial production is 7% below its pre-pandemic level, anchored in February 2020. The monthly change of the indicator has been swinging between positive and negative figures during the last 5 years. The annual growth rate, on the other hand, posted significant increases in the spring of 2021, reflecting mostly low base effect, which apparently has already subsided. 

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Read more in the quarterly report Euro Area Economy in a Snapshot - Q4 2021