European Industrial Production, Or Lack Thereof [Charts]

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European Industrial Production, Or Lack Thereof [Charts]

European Industrial Production, Or Lack Thereof by Jennifer Thomson, Gavecal Capital

Today’s somewhat underwhelming release of industrial production statistics in a number of European countries is a poorly-timed reminder that Germany is the only country that has managed to see any real improvement over the last ten years (and, even there, it has not surpassed previous highs):

Even though industry only accounts for about 25% of value added in the Euro area (a figure comparable to that seen in Japan), a stronger recovery would certainly be an encouraging sign.  Though recent surveys paint an encouraging picture, the hard data do not seem to support that view…

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European Industrial Production

Which has negative implications for the Euro area’s GDP (2Q preliminary data scheduled for release in mid-August):

European Industrial Production

 

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