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EU industrial production slows but Germany hangs on

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(Kitco News) - Industrial production has fallen by 1.6% (m/m) in the euro area and 1.2%. Compared to the last year down by 0.8% and 0.4% compared with December 2019 (y/y).

In terms of specifics, the report said, month on month (Dec vs Nov) production of capital goods fell by 3.1% and non-durable consumer goods by 0.6%, while production of durable consumer goods rose by 0.8%, intermediate goods by 1.0% and energy by 1.4%.

Among the member states, for which data are available, the largest decreases were registered in Hungary (-2.5%), Belgium (-1.9%) and Finland (-0.9%). The highest increases were observed in Denmark (+2.4%), Portugal (+1.8%), Estonia and Luxembourg (both +1.6%). This data is interesting in terms of which nation has suffered the biggest fallout or lagging effect from the COVID-19 outbreak.

Importantly looking at the fine details, Germany managed to improve by 0.2% M/M vs Novembers increase of 1.3%. Any increase at the moment is positive as the top EU nation (in terms of GDP) is currently in lockdown. The restrictions were due to end at the end of February but they have recently been extended to March. 

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