Eurozone factory output falls in Aug, Germany signals recession
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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