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German industrial production fell by 3.4% in March, raising recession worries
Posted on May 12, 2023 |
In March, German industrial production fell by 3.4% more than expected due to a serious drop in car manufacturing, causing worries for the economy. The output had strong growth in January and February but was worse than the 1% decline prediction.
German factories saw a decline in new orders as high energy prices pummelled the industrial sector following Russia’s invasion of Ukraine.
The automotive industry drove the decline most, with the manufacturing of vehicles and parts dropping by 6.5% compared to February.
There were also drops in machinery and equipment manufacturing, and production in the construction sector.