Plunging car production drove an unexpected drop in German industrial output in ...
BERLIN - Plunging car production drove an unexpected drop in German industrial output in January, as the engine room of Europe’s largest economy stuttered on trade tensions and unease about Brexit.
“Industrial production is hard data and it is really cementing the impression that the European economy is slowing down,” said Mizuho rates strategist Antoine Bouvet.German business daily Handelsblatt said on Monday the federal government had cut its in-house GDP growth outlook to 0.8 percent for 2019, the second reduction in less than two months.
FILE PHOTO: A steel worker of Germany's industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Germany's largest steel factory in Duisburg, Germany, January 28, 2019. REUTERS/Wolfgang Rattay//File PhotoAutomobile production fell by 9.2 percent on the month in January, separate data from the Economy Ministry showed.
Seasonally adjusted exports were flat month-on-month in January - compared to a forecast 0.5 percent contraction - while imports rose 1.5 percent, the data showed. That meant the trade surplus narrowed to 18.5 billion euros . The German government had already cut 2019 growth expectations in January to 1.0 percent from 1.8 percent.
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