Eurozone Recession Looms as German Industrial Output Slips 1.9%
BRUSSELS (Dispatches) - The European powerhouse reported a massive drop in industrial output over three consecutive months and a 4.7 percent nosedive in year-on-year productivity, new statistics reveal.
Production fell 1.9 percent in November, the worse year-on-year figures since 2009 during the financial crisis, with economic confidence plummeting across the Eurozone to the lowest point in nearly two years, new figures from the German Federal Statistical Office revealed.
The news comes after European Central Bank president Mario Draghi stated last month that the trade bloc had enough momentum to halt further monetary stimulus injections. The latest stats on Europe's largest economy indicate troubles that economists fear another global slowdown.
The German Central Bank said on Tuesday it was "looking through the volatility of monthly economic data" and is expecting a rebound after the 3Q18 plunge, adding that the challenges were temporary and about to end, accordingto Bloomberg.
Several factors have slowed Germany's industrial output, with new emission-testing standards forcing German automakers to cope with new regulations. Workers taking more breaks than usual during the holidays and low water levels in the Rhine river have also been blamed for the setback.
Production fell 1.9 percent in November, the worse year-on-year figures since 2009 during the financial crisis, with economic confidence plummeting across the Eurozone to the lowest point in nearly two years, new figures from the German Federal Statistical Office revealed.
The news comes after European Central Bank president Mario Draghi stated last month that the trade bloc had enough momentum to halt further monetary stimulus injections. The latest stats on Europe's largest economy indicate troubles that economists fear another global slowdown.
The German Central Bank said on Tuesday it was "looking through the volatility of monthly economic data" and is expecting a rebound after the 3Q18 plunge, adding that the challenges were temporary and about to end, accordingto Bloomberg.
Several factors have slowed Germany's industrial output, with new emission-testing standards forcing German automakers to cope with new regulations. Workers taking more breaks than usual during the holidays and low water levels in the Rhine river have also been blamed for the setback.