Data out this morning show a surprise collapse in November German industrial production, off 1.9 per cent on the month, and third consecutive fall, taking the annualised rate of decline to 4.7 per cent. The bulk of the damage was done by a 4.1 per cent fall in consumer goods, a 3.1 per cent drop in energy production, and a 1.7 per cent fall in construction products. Summed up nicely by Claus Vistesen of Pantheon Macroeconomics: ‘’Berlin, we have a problem’’.
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