Winter recession fears for Germany
Germany was dealt a fresh blow yesterday as industrial production shrank in October, fuelling fears of a winter recession in Europe’s biggest economy.
Official figures showed that industrial production unexpectedly fell 1 per cent compared to the previous month.
Declines in the energy and car-making industries drove the downturn. Analysts had predicted a 1.2 per cent rise after a decline of 2 per cent in September.
Germany’s economy grew overall by just 0.1 per cent in the third quarter, narrowly avoiding an official technical recession.
Best foot forward: Germany’s economy grew overall by just 0.1 per cent in the third quarter, narrowly avoiding an official technical recession
Carsten Brzeski, global head of macro at ING Bank, said: ‘This is a very weak start to the fourth quarter, increasing the risk of a winter recession in Germany.’
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