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Economy in Brief

German Output in Slight Slowing
by Robert Brusca February 8, 2008

German output shows signs of slowing. The sequential growth rates in the table demonstrate that growth has slowed steadily from 12-mos to 6-mos to 3-mos. Output of consumer goods, weak over the entire period has weakened further in the recent three months. Capital goods output, long the strength of German manufacturing is showing some clear signs of weaker growth. Oddly, against that back drop the output of intermediate goods has ramped up.

For the quarter output is up a solid 2.2%, but that is down sharply from over 8% in Q3. For the quarter the sectors are mostly solid, with weakness in the output of construction goods being the weak exception.

Total German IP
Saar except m/m Dec-07 Nov-07 Oct-07 3-mo 6-mo 12-mo Quarter
to-Date
IP total 0.8% -0.3% -0.2% 1.4% 4.7% 4.3% 2.2%
Consumer Goods 2.3% -1.2% -0.9% 0.4% 6.4% 2.2% 1.7%
Capital Goods -2.0% 0.2% 1.5% -1.5% 3.5% 5.6% 5.0%
Intermediate Goods 3.2% -0.2% -0.9% 8.8% 8.4% 6.5% 2.9%
Memo              
Construction 0.9% -0.2% -1.5% -3.4% 3.3% -5.6% -2.6%
Manufacturing IP 0.9% -0.2% 0.0% 3.0% 6.1% 5.3% 3.4%
Manufacturing Orders -1.7% 3.0% 4.0% 22.5% -2.0% 10.2% 21.2%
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