Summary

• An already struggling industry was pushed further into negative territory when the war in the Middle East started.
• The German economy surprisingly showed a positive performance in the first quarter, growing by 0.3% quarter-on-quarter.
• Weak March industrial production suggests that a downward revision of the surprisingly strong first-quarter GDP data is still possible.

By Carsten Brzeski, Global Head of Macro

German industrial production weakened further in March as the war in the Middle East started to take its toll. The just-released industrial data for March illustrate the struggle

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