Frankfurt am Main, Oct 7 (AFP/APP): Germany’s economic momentum stumbled in August, as industrial production in Europe’s largest economy unexpectedly fell back after three months of growth, official data showed Wednesday.
Industrial production declined 0.2 percent month-on-month in August, compared with a climb of 1.4 percent in July, federal statistics agency Destatis said. The data marks an interruption of the consistent recovery seen since the lifting of pandemic restrictions in the spring, and is well below a forecast increase of 1.5 percent in an analysts survey by Factset.
“German industry is clearly struggling to gain further momentum”, said ING economist Carsten Brzeski, who called the data a “first setback” for the nation’s economy since the easing of coronavirus lockdowns.
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