German manufacturing industry has recovered strongly from the deepest recession in its history. However, the way back to former output levels is still very long: Industrial production in Germany plummeted by more than 23% between the peak of the latest economic cycle in the first quarter of 2008 and the trough in the second quarter of 2009 (based on seasonally adjusted data and a three-month moving average). Output has since increased by 9%, starting from a low level. However, two years after the beginning of the crisis, the current production level is therefore still roughly 17% below the historical peak (not to be confused with historic peak!).