{"id":37645,"date":"2023-05-08T08:19:22","date_gmt":"2023-05-08T08:19:22","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/german-industrial-output-drops\/"},"modified":"2023-05-08T08:25:27","modified_gmt":"2023-05-08T08:25:27","slug":"german-industrial-output-slumps","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/german-industrial-output-slumps\/","title":{"rendered":"German industrial output slumps, recession fears rise"},"content":{"rendered":"<p>By Maria  Martinez<\/p>\n<p>BERLIN (Reuters) -German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe&#8217;s largest economy.<\/p>\n<p>Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. In a Reuters poll, analysts had pointed to a 1.3% fall.<\/p>\n<p>&#8220;After a buoyant performance by industrial production at the beginning of the year, there was an unexpectedly sharp decline in March,&#8221; the economics ministry said. <\/p>\n<p>The manufacture of motor vehicles and automotive parts  fell by 6.5% on the previous month. Production in machinery and equipment fell by 3.4% and output in the construction sector decreased by 4.6% on the month.  <\/p>\n<p>In the first quarter, production was 2.5% higher than in the last quarter of 2022, according to the statistics office.<\/p>\n<p>In March, German industrial orders fell by 10.7% from the previous month on a seasonally and calendar adjusted basis, posting the largest month-on-month decline since 2020 at the height of the COVID-19 pandemic.<\/p>\n<p>&#8220;German manufacturing is suffering more and more from the global rate hikes, which are increasingly applying the brakes on the economy,&#8221; said Commerzbank&#8217;s chief economist Ralph Solveen. &#8220;The risks of a recession in Germany are rising.&#8221;<\/p>\n<p>Retail sales and exports also dropped sharply in March, increasing the odds of a downward revision to first-quarter gross domestic product, ING&#8217;s global head of macro Carsten Brzeski said. <\/p>\n<p>GDP was unchanged quarter on quarter in adjusted terms in the first quarter, following a 0.5% contraction in the fourth quarter of 2022. A recession is defined as two consecutive quarters of contraction.<\/p>\n<p>&#8220;A downward revision would mean the economy fell into recession after all,&#8221; Brzeski said.<\/p>\n<p> (Reporting by Rachel More and Maria Martinez; editing by Bartosz Dabrowski and Toby Chopra)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/german-industrial-output-slumps\/vw-re-starts-europes-largest-car-factory-after-coronavirus-shutdown-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ4705C-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ4705C-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Maria Martinez BERLIN (Reuters) -German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring again recession fears in Europe&#8217;s largest economy. Production decreased by 3.4% on the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":37749,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[1223],"class_list":["post-37645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ4705C-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/37645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=37645"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/37645\/revisions"}],"predecessor-version":[{"id":37750,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/37645\/revisions\/37750"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/37749"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=37645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=37645"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=37645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}