Germany's industrial production fell so sharply in April, at the height of the coronavirus lockdown in the country, that one economist has called it 'the worst month ever' for the German economy
Industrial production fell by 17.9% in April from the previous month, following a 8.9% drop in March.The sharpest drop in production was seen in the auto industry, which recorded a decline of 74.6% month-on-month.Germany's industrial production fell so sharply in April, at the height of the coronavirus lockdown in the country, that one economist has called it "the worst month ever" for the German economy, a key growth driver for the euro zone.
"Another sharp drop in industrial production shows that April 2020 will be the worst month ever for the German economy," Carsten Brzeski, chief economist of euro zone and global head of macro at ING, said in a note Monday. Germany has attributed its lower death toll to an early lockdown, tracking and tracing early cases of the virus and a recently modernized healthcare systemThe government began to lift lockdown measures tentatively on April 20, allowing smaller retailers and car dealerships to reopen. Car production was allowed to restart at the end of April and further restrictions were lifted in early May, including the reopening of schools.
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