- German industrial new orders (February): down
- Output in the German producing sector (February): down
German industrial new orders , output in the German producing sector and French industrial production will probably have continued decreasing in February, albeit at a slightly slower pace, because the correlated indicators sent mixed signals. However, Italian industrial production is likely to have declined more sharply in February than before.
Following the seasonal pattern, the German current account could have improved in February, whereas the German trade balance will probably have deteriorated. We do not expect any significant revision of EMU GDP for Q4 2008.
German consumer price inflation in March is likely to be revised down to -0.2% mom and 0.4% yoy. Around mid-year, inflation rates are expected to dip into negative territory and remain there for several months.
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