Germany suffered a fresh blow yesterday as industrial activity fell in October, amid fears of a winter recession in Europe’s biggest economy.
Official statistics showed that industrial activity unexpectedly fell 1 percent from the previous month.
A decline in capacity and the auto manufacturing industry contributed to the decline. Analysts had forecast a 1.2 percent increase after a 2 percent decline in September.
Germany’s economy grew by just 0.1 percent in the third quarter, narrowly avoiding official recession.
A good foot forward: Germany’s economy grew by just 0.1 percent in the third quarter, narrowly avoiding an official technical recession.
Carsten Brzeski, head of global macro at ING Bank, said: ‘This is a very weak start to the fourth quarter, increasing the risk of a winter recession in Germany.’
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