Germany industrial production plunged -17.9% mom in April, worse than expectation of -15.5% mom. That’s also a record decline, due to coronavirus pandemic and responding containment measures. Looking at some details, intermediate goods dropped -13.8% mom. Consumer goods dropped -8.7%. Capital goods dropped -35.5%. Automotive dropped -74.6%.
Nevertheless, in response to the release, Economic Ministry said “The low point has been reached. With the gradual easing of protective measures and the resumption of production in the automotive industry, the economic recovery is beginning now.”
