Output in Germany dropped more than expected; dropping by 2.1 percent. This was preceded by a 6.1 percent drop in manufacturing orders. German officials stated that output would continue to “decline in the coming months.”
Construction activity also fell by 3 percent. Germany, which is one of the world’s largest exporters, has been hit hard by the global decline in demand. Two of their largest sectors are car production and machine tool production.
This is the first recession for Germany since the beginning of 2003.
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