Latest data released by Destatis - 8 January 2021
- Prior +3.2%; revised to +3.4%
- Industrial production WDA -2.6% vs -2.3% y/y expected
- Prior -3.0%; revised to -2.7%
German factory output improved further in November, reflecting the better conditions outlined by the PMI readings towards the end of last year. Despite lockdown measures, the data from Germany has been surprisingly positive - at least on the surface.
While that is likely to help ease the sluggish tones in Q4, the market isn't too concerned with past data at the moment. It will be more of a test for the euro and ECB to see how the latest virus developments will impact the economy in 1H 2021 instead.
