Germany's Industrial Production Falls 17.9% MoM in April... Largest Drop Since 1991 ↓

[Image source=EPA Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Due to lockdown measures caused by the novel coronavirus infection (COVID-19), industrial production in Germany, a major European economy, sharply declined in April.

According to Bloomberg and other sources on the 8th (local time), the German Federal Statistical Office announced that industrial production in April decreased by 17.9% compared to the previous month. This is the largest decline since statistics began being compiled in January 1991. Compared to the same month last year, it decreased by 25.3%.

This figure is lower than experts' expectations of -16.5% and -24.8%. Considering that it was -8.9% and -11.3% in March, the damage to manufacturing caused by COVID-19 appears to have worsened further in April.

Carsten Brzeski, Head of Global Macroeconomics at ING, said, "The two months hit by COVID-19 have caused more negative impact than the entire global financial crisis," adding, "Today's economic indicators also show how much damage an open economy like Germany has suffered due to lockdown measures."

This content was produced with the assistance of AI translation services.