Germany's economy may have already slumped into recession, its central bank says
Germany's economy may have fallen into recession, the country's central bank said.
The bank said "the leading indicators currently show few signs of a sustained recovery in the export economy and stabilization in the industrial sector."Europe's largest economy may have fallen into recession, according to Germany's central bank.said in its monthly report. If it did, Germany will have contracted for two consecutive quarters — it shrank by 0.1% in the three months to June — meaning it's officially in recession.
The German economy — which is much more dependent on exports than others — has suffered as a result of dropping demand from both the US and China due to increased protectionism. Uncertainty within the UK due to Brexit has also dampened demand. Germany's particularly large industrial sector contracted over the two months to August, the bank said, and intermediate and consumer good production "fell sharply." according to IHS Markit data
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