Restoring Germany's pre-1914 shipbuilding capacity in 1933

If Germany regained its Anglo-German naval-race shipyards and knowledge in 1933, how much could it build?

Enough to approach Plan Z much more closely, but the resulting British response and treaty escalation would erode the advantage.

Restoring the yards and industrial knowledge of the earlier Anglo-German naval race would allow a much larger German building program. The estimate is roughly four capital ships every couple of years, with destroyers to accompany them but less matching cruiser construction. That output could bring Germany closer to Plan Z. Visible expansion would also provoke a British response and the use of treaty escalation clauses. Restored production capacity would therefore change both sides of the naval balance.