February 8th British media reported that the German industrial sector avoided shrinkage in December 2020 under the implementation of the epidemic blockade at home and abroad, thanks to strong demand from China.
According to Reuters on the 8th, the data released by the German Federal Statistical Office showed that industrial production in December 2020 was the same as the previous month, and the Reuters survey estimated that it would increase by 0.3%.
After the November amendment, it increased by 1.5%. This is the first time that it has stagnated after seven consecutive months of growth.
The main drag comes from the construction industry, which has a 3.2% decline in output. Manufacturing output at the core increased by 0.9% month-on-month.
The upward revision of November data helped Germany’s overall industrial production in the fourth quarter increase by 6.1% compared with the previous quarter.
“German manufacturing has performed relatively well in recent months, largely due to the good economic performance of the Chinese economy,” said Thomas Gitzel, economist at VP Banking Group.
If China’s production is active, German local production will also be active,” Jize added, adding that the German automobile industry especially benefits from the good income of Chinese consumers.