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Eurozone factory output falls in Aug, Germany signals recession

by ChemOrbis Editorial Team -
  • 15/10/2014 (12:50)
The Eurozone’s industrial production declined in August in line with weakening economic indicators from Germany, which cut its growth forecasts for 2014, according to media reports. Industrial output in the region decreased 1.8% month over month in August after posting an unexpected 1% rise in the previous month.

Germany’s industrial production slumped by 4.3%, according to official data. The German government cut its growth forecasts to 1.2% from 1.8% for this year and to 1.3% from 2% for the next year. Germany’s gross domestic product shrank 0.2% year over year in the second quarter. The country’s exports dipped 5.8% in August while imports also declined 1.3%.

Analysts commented that Germany is on the edge of recession based on recent economic indicators, attributing this weakness to the conflict in Ukraine as well as weaker demand for imports in China.
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