Plunging car output drove an unexpected drop in production of German goods in Ja...
BERLIN - Plunging car output drove an unexpected drop in production of German goods in January and an industry body cut its 2019 growth forecast, adding to signs that trade tensions and unease about Brexit are weighing on Europe’s largest economy.
“Industrial production is hard data and it is really cementing the impression that the European economy is slowing down,” said Mizuho rates strategist Antoine Bouvet.Germany’s BDI industry association cut its 2019 economic growth forecast to 1.2 percent from 1.5 percent. The Economy Ministry and the Finance Ministry declined to comment. The government is expected to update its forecast in April.
Automobile production fell by 9.2 percent on the month in January, separate data from the Economy Ministry showed. It blamed special factors such as strikes at suppliers and a switch to new brands for the weak performance. Seasonally adjusted exports were flat month-on-month in January - compared to a forecast 0.5 percent contraction - while imports rose 1.5 percent, the data showed. That meant the trade surplus narrowed to 18.5 billion euros .
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