Germany’s economy had its ‘worst month ever’ at the height of lockdown
A conditioner cuts pipes in the Central Active Workshop of Energiewerke Nord GmbH (EWN),
Germany’s industrial production fell so sharply in April, at the height of the coronavirus lockdown in the country, that one economist has called it “the worst month ever” for the German economy, a key growth driver for the euro zone.
Industrial production fell by 17.9% in April from the previous month, following a 8.9% drop in March. Compared to the same month in 2019, industrial production declined by 25.3%, Germany’s statistics office Destatis said Monday, noting that the drop was “the largest decline since the beginning of the time series in January 1991.” The sharpest drop in production was seen in the auto industry, which recorded a decline of 74.6% month-on-month.
The numbers come after data Friday showed orders for Germany’s industrial goods in …continued .
[Source: CNBC News]