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Germany was dealt a fresh blow yesterday when industrial production contracted in October, fueling fears of a winter recession in Europe’s largest economy.
Official figures showed that industrial production unexpectedly fell 1 percent compared to the previous month.
Declines in the energy and auto manufacturing industries fueled the slowdown. Analysts had forecast a 1.2 percent rise after a 2 percent drop in September.
The German economy overall grew just 0.1 percent in the third quarter, narrowly avoiding an official technical recession.
The best step forward: The German economy overall grew by just 0.1 percent in the third quarter, narrowly avoiding an official technical recession
Carsten Brzeski, global head of macro at ING Bank, said: “This is a very weak start to the fourth quarter, raising the risk of a winter recession in Germany.”
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