BERLIN (AP) — German factory production has fallen more strongly than expected in April and exports have dropped sharply in a weak start to the second quarter in Europe’s largest economy.
The Federal Statistical Office reported Friday that industrial production dropped 1.9% over March in seasonally adjusted figures. Economists had predicted a 0.5% decline.
Exports also dropped 3.7% on the previous month while imports fell 1.3% on March, widening the trade surplus to 17 billion euros for April.
Advertisement - story continues below
ING economist Carsten Brzeski said “this is a horrible start to the second quarter for German industry,” fueled by global trade tensions, and temporary problems in the automotive and chemical industries.
The economy “needs even stronger domestic demand and a bounce back in May and June to avoid a return to recessionary territory.”
The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.