German Industrial Production overall disappointing

German Industrial Production for February was overall disappointing despite a higher than expected 0.2% m/mheadline reading (cons: 0.1% m/m), due to a very large downward revision to the January print (-0.4% from apreviously reported +0.6%). 

The adjustment was significant enough that our European economists highlight that there is now substantial downside risk to their Q1 GDP forecast for growth to have remained around 0.7%.