Banca March: Yesterday confirmed the entry into recession of the German economy in 2023. Germany’s GDP fell by 0.3% for the year as a whole, after +1.8% in 2022, hurt by high inflation, rising interest rates and high energy costs. We highlight the negative performance of industry, down 2%, despite the positive contribution of the automotive sector and the manufacture of other transport equipment. There was also minimal growth in…

Bankinter: Industrial Production in November was worse than expected: -4.8% year-on-year versus -4.0% expected and -3.4% previously (revised from -3.5%). In monthly data: -0.7% month-on-month against +0.3% expected and -0.3% previously (revised from -0.4%). Bankinter assessment: Weak data. This is the sixth consecutive decline of the indicator in annual rate and reflects that the weakness of the manufacturing sector is still present. The slowdown in demand in a context of…

Link Securities | As released yesterday by the German Federal Employment Agency, Germany’s seasonally adjusted unemployment rate rose to 5.9% in December from a revised 5.8% in November, bringing the reading in line with the FactSet consensus of analysts. December’s is the highest unemployment rate since May 2021. The number of unemployed rose by 5,000 from November to 2.703 million in December, making it the eleventh consecutive month of rising…