German industry continues to weaken
It was the second decline in a row. In a year-on-year comparison, it was even the ninth decline in a row. Bank economists explained the slowdown as being due, among other things, to the weak global economy and international trade conflicts.
Compared with the same month last year, production fell by 4.2 percent. Because production has already been falling for three quarters of a year in this view, numerous analysts are talking about an industrial recession.
"The industrial economy remains weak," declared the federal ministry of economics and technology. In july, both industrial goods production and energy production declined. Only the construction industry was able to increase its output somewhat. On thursday, the order intake of the industry had already disappointed with a likewise weak development.
"The trade conflicts and the unresolved brexit process are printing the german economy against the wall," commented thomas gitzel, chief economist at liechtenstein’s VP bank. Carsten brzeski, chief economist of the direct bank ING deutschland, also expressed pessimism. He spoke of a very weak start to the third quarter. "The industrial crash continues."
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