Shocking German Industrial Production Plunge Stokes Recession Fears In Europe's Largest Economy

Zero Hedge | 1/7/2019 | Staff
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Mere hours after German Economy Minister Peter Altmaier assured the German public that the country's economy will continue to expand despite a recent raft of discouraging economic data, official data - unlike the US, Germany's government is open and economic data continue to be reported - showed German industrial activity plunged the most since 2009, confirming a weak factory orders print from Monday and sparking fresh fears that Europe's largest economy may have entered a recession during Q4 just as Mario Draghi was preparing to end the ECB's purchases of government bonds.

According to Bloomberg, industrial production fell for a third month in November (-1.9% m/m, and -4.9% y/y) with weakness in everything from consumer goods to energy. In another warning sign for the bloc, the data was released alongside a eurozone-wide sentiment reading which showed that economic confidence had slumped late last year.

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