BERLIN (Reuters) -German industrial production fell more than expected in September, data showed on Tuesday, as a recent slump in incoming orders took its toll on production. Production fell in September by 1.4% compared with the previous month, the federal statistics office said. In a less volatile quarter-on-quarter comparison, production in the third quarter of 2023 was 2.1% lower than in the second quarter, the statistics office said.
Germany's economy shrank slightly in the third quarter, data showed on Monday, as Europe's largest economy continues to be weighed down by weak purchasing power and higher interest rates. Gross domestic product fell by 0.1% quarter on quarter in adjusted terms, the federal statistics office said. "These data alone underline that the German economy has at least become one of the growth laggards of the euro zone," said Carsten Brzeski, global head of macro at ING.
(Bloomberg) German companies have cut their investment and hiring plans as they see no sign of a self-sustaining pickup in Europe’s biggest economy, a survey by the DIHK business lobby showed.Most Read from BloombergControversial Chip in Huawei Phone Produced on ASML MachineApple Plans AirPods Overhaul With New Low- and High-End Models, USB-C HeadphonesIsrael Is Losing Support as Fury Grows Over Its Strikes on GazaTrump Ally Mike Johnson Elected House Speaker, Shifting GOP Further RightPost-E
The German government slashed its growth forecast Wednesday, predicting Europe's top economy will shrink this year as it battles high inflation, elevated energy prices and a manufacturing slump. In their forecasts Wednesday, the government predicted the economy would pick up next year with growth of 1.3 percent, and expand by 1.5 percent in 2025.