Economics
German Industrial Slump Hits Bottom With Record Output Drop
- Production falls 17.9% in April, exceeding economist estimates
- Ministry sees economy recovering as restrictions ease
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German industrial production took a record-hit in April, before a gradual easing of lockdown restrictions set off an ever-so-slow recovery.
Output slumped 17.9% during the month that saw unprecedented closures of factories and shops, with manufacturers of investment goods particularly badly affected. Even though activity has started to pick up since then, Europe’s largest economy is still set to shrink nearly 10% in the second quarter.