• World - Europe
  • Updated: May 08, 2023

German Industrial Production Declines, Leads To Recession Fears

German Industrial Production Declines, Leads To Recession Fe

Germany’s flag

Germany's industrial production declined more than expected in March, according to official data released on Monday.

The output reduced by 3.4% compared to the previous month, following a 2.1% increase in February.

The automotive industry was the major contributor to the decline, with motor vehicle manufacturing and automotive parts dropping by 6.5%, compared to a 6.9% increase in February.

The decline in industrial production has fueled fears of a recession, as it follows two months of strong growth in January and February.

The German economy is being battered by high energy prices following Russia's invasion of Ukraine.

Germany would dodge a downturn, but the latest negative data has fuelled concerns of a recession.

Commerzbank's chief economist, Ralph Solveen, has attributed the decline in industrial production to the global rate hikes, which are increasingly applying the brakes on the economy.

Related Topics

Join our Telegram platform to get news update Join Now
Quadri Adejumo
Quadri Adejumo

Quadri Adejumo covers World News, Health, Climate & Humanitarian.

More From this Author


meyer plc Industrial Goods

Meyer Paints PLC formerly known as Hagemeyer Nigeria PLC in the early 1940s and ...

cutix plc Industrial Goods

The idea for the Company was conceived in 1981, by Dr. (Engr.) Ajulu Uzodike and...

greif nigeria plc Industrial Goods

berger paints plc Industrial Goods

Berger paints Nigeria plc was founded on the 9th of January 1959 by   a Ger...


0 Comment(s)


See this post in...