Both German industrial output and exports fell more than expected in April, data...
FILE PHOTO: Aerial view of containers at a loading terminal in the port of Hamburg, Germany August 1, 2018. REUTERS/Fabian Bimmer/File Photo
Industrial output declined by 1.9% on the month, data from the Statistics Office showed. That was the sharpest drop since August 2015 and came as factories churned out fewer investment and intermediate goods. Economists had forecast a 0.4% fall. The German manufacturing sector has been in recession for much of this year as unresolved trade disputes between the United States with both China and the European Union plus uncertainty linked to Britain’s expected departure from the European Union hurt the exports.
The German economy has been relying on private consumption for growth as a solid labor market and low interest rates encourage spending. This has kept the services sector humming, providing impetus for the economy.
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