German economy dives with drop in exports, output
Exports from Germany plunged almost 30 percent on last year’s figures, while industrial output slowed by 21.6 percent over the same period, according to figures released earlier this week. The 28.7 percent annual drop in exports was the biggest fall since records began in 1950.
The newly-released April export figures represented a drop of 4.8 percent from the month before, significantly more than the decline of 0.1 percent initially predicted.
The data has led to the German government prediction that the country’s gross domestic product will contract by a substantial six percent.
Analysts were optimistic about the data, however, saying the figures probably indicated the worst was over.
The Ministry for Economics and Technology, which was responsible for producing the figures, issued a statement noting that the downward trend had “slowed noticeably” and that “the odds that industrial production has hit its lowest point have improved due to stabilising demand”.