The German economy continued to announce negative economic data in light of being affected by the outbreak of the Coronavirus and amid the declining global demand, despite the rise in industrial production during February.
German industrial production index rose by 0.3% in February, the lowest read since the start of the statistic, contrary to expectations that indicated a 0.7% decline, while the previous reading was modified to witness a rise of 3.2% from a preliminary rise of 3.0%.
The IFO Institute indicated that industrial production in Germany is likely to decline in the next three months, after the production expectations index marked its largest decline since the start of the statistic in 1991.
The index dropped to 20.8 points in March after it was at +2.0 in Germany, and the current situation is likely to be worse since the statistics data were collected by mid-March.
Yesterday, other forecasts were issued by the IFO Institute, indicating that German car exports slipped to their lowest levels since March 2009, when the global financial crisis hit Europe’s biggest economy.
indicated that business expectations in Germany for the upcoming months have
decreased to -33.7, after recording -19.7 in February.