Latest data released by Destatis - 8 February 2021

  • Prior +0.9%; revised to +1.5%
  • Industrial production WDA -1.0% vs -1.0% y/y expected
  • Prior -2.6%; revised to -2.5%

German factory output was flat on a monthly basis in December but from a year-on-year perspective, at least conditions have improved considerably since bottoming out during the peak of the virus crisis in spring last year.

The market remains more focused on the Q2/Q3 outlook at present for the euro area, so the data here doesn't really hold much significance overall.