- German industrial output fell 1.9% in April, which is the largest drop since August 2015.
- A separate report revealed that German exports fell 3.7% during the same month, which was also the single largest decline since August 2015
The data released by Germany’s Federal Statistical Office highlights the significant problems facing the EU’s largest economy.
Today’s weak manufacturing data confirms that the sector is still in a recession that has persisted since the beginning of this year.
This has been primarily driven by the trade tensions and tariffs imposed by the U.S. on China and the EU, combined with the Brexit uncertainty.