Recession Fears as German Output Drops 4.7%

German industrial production unexpectedly slumped in November, further evidence that a nine-year recovery in Europe’s largest economy is foundering. Production in Germany’s key industrial sector, adjusted for inflation and seasonal swings, fell 1.9% in November from the previous month. Economic experts’ consensus expectation was for a small rise…

The decline in November production was broad-based and led by consumer goods and energy. Output was down 4.7% year-on-year, the most since the financial crisis. Carsten Brzeski, chief economist at ING Germany says “At face value, today’s industrial production data has clearly increased the risk of a technical recession in Germany in the second half of 2018”. In the circumstances German industry will be even less keen on the EU putting up export barriers to free trade with Britain…

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