German economy splutters as output slumps |
| AFP - Nov 7, 2011 |
The German economy, Europe's biggest, looks set to come to a standstill later this year as the eurozone debt crisis increasingly takes its toll, industrial output data showed Monday.
Industrial production in September contracted by 2.7 percent compared to the previous month, the economy ministry said in a statement, a much steeper decline than expected.
At the same time, the ministry revised up the figures for August, saying that output had fallen by 0.4 percent rather than the 1.0 percent previously estimated.
The ministry insisted the latest decline was exaggerated by the timing of summer holidays and that looking at August and September combined, to iron-out short-term fluctuations, output contracted by just 0.2 percent compared with June and July.
But analysts believe that, following a raft of negative economic data recently, economic growth in Germany is shuddering to a halt.
The data "confirm that an underlying economic downturn is accompanying the region?s debt crisis," said Capital Economics' senior European economist, Jennifer McKeown.
Read Full Article from AFP
- Posted: 2011-11-07 08:50:35
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