The total production of industry in the Euro zone decreased by 0.4 percent in July compared to a month earlier. The European statistical office Eurostat announced the data.

Economists generally expected a decrease of 0.1 percent. In June, industrial production already declined by an adjusted 1.4 percent. A decrease of 1.6 percent was previously reported for that month.

Industrial production across the European Union fell by 0.1 percent compared to the previous month, following a 1.4 percent growth in June.

The German economy is likely to end up in a recession in the third quarter of this year. This was reported by the leading German economic research institute Ifo. The experts expect a contraction of the largest economy in Europe with 0.1 percent on a quarterly basis.

The most common definition of a recession is two consecutive quarters with economic decline. Germany’s economy also contracted by 0.1 percent in the second quarter. The Bundesbank warned earlier about a recession in the third quarter.

Germany’s economy faces a headwind from trade tensions, the weakening world economy and the uncertainty surrounding the Brexit. Things are going less well in German industry in particular.

The researchers from the Ifo Institute also expect a 0.4 percent growth in growth in the fourth quarter of this year. The forecasts for economic growth in Germany in 2019 and 2020 have been adjusted downwards. For this year, growth is now expected to be 0.5 percent, from a previously predicted 0.6 percent. In 2020, growth should come out at 1.2 percent, from a previously predicted 1.7 percent.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Statistic research shows that GenZ kids are almost completely bound to sofas

According to research, released by online tutor provider GoStudent, it has been found that…