Media: industrial production volumes in Germany decreased more than expected
German industrial production in July decreased by 0.8 percent compared to the previous month, Reuters reports with reference to the Federal Statistical Office
According to the source, the problems faced by the sector are related to the winter recession in the European economy.
In July, output fell by 0.8 percent, although analysts had forecast a 0.5 percent reduction. Alexander Krueger, the chief economist at Hauck Aushaeuser Lampe, said that ‘dark clouds continue to hang over industry’, “The weak global economy and high energy prices will keep the outlook gloomy. As for production, it already looks like another quarterly loss.”
It is also noted that the German manufacturing sector is still experiencing a difficult year due to a reduction in orders, sluggish output and high prices, while the HCOB final Purchasing Managers' Index (PMI) for manufacturing has been declining for the sixth month in a row.
