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2026-04-09 14:59:16
[Capital Economics: German Manufacturing Shows Weakness, But Unlikely to Repeat the 2022 Sharp Decline] (1) Capital Economics analyst Andrew Kenningham said that German manufacturing appears to be shaky, with output falling 0.3% in February. Although the upward revision of January data partially offset the decline, output still fell slightly in the three months to February. (2) The manufacturing contraction was mainly dragged down by a decline in the construction industry and a drop in the production of computer, electronics and pharmaceutical products. (3) Looking ahead, Kenningham believes that a sharp decline in output is unlikely. Compared with the 2022 energy crisis, current energy price increases are far less than then, interest rates have risen only slightly, and some low-profit energy-intensive output has already been lost.
