Latest data released by Destatis - 8 July 2019

  • Prior -1.9%; revised to -2.0%
  • Industrial production WDA -3.7% vs -3.2% y/y expected
  • Prior -1.8%; revised to -2.3%

Slight delay in the release by the source. The figures are a little weaker-than-expected but despite the monthly improvement, the annual estimate tells the more accurate story of where German industrial/factory activity currently stands.

The 3.7% drop relative to a year ago shows the weakness seen in the economy at the moment and should reaffirm a stagnation in Q2.