German industrial output fell more than expected in June, driven by weaker produ...
BERLIN - German industrial output fell more than expected in June, driven by weaker production of intermediate and capital goods, data showed on Wednesday, adding to signs that Europe’s biggest economy contracted in the second quarter.
“The continued plunge in production is scary,” Bankhaus Lampe economist Alexander Krueger said, adding that a recession in the manufacturing sector was likely to continue due to the recent escalation of the trade dispute between China and the United States. In the second quarter as a whole, industrial output fell by 1.8% on the quarter, driven by steep drops in metal production, machinery and car manufacturing, the economy ministry said.The figures came after German industrial orders on Tuesday exceeded expectations in June, but the economy ministry cautioned that this sector of the economy had not yet reached a turning point.
Andreas Scheuerle from DekaBank said the industrial output figures suggested the Germany economy contracted by 0.2% in the second quarter after expanding by 0.4% in the first three months of the year.
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