German industrial output shrank in August for the fourth consecutive month, the federal statistics office said on Monday, an indication that the sector remains under serious pressure, stoking recession fears.
Industrial production fell slightly more than expected in August by 0.2% compared to the previous month. Analysts polled by Reuters had predicted a 0.1% decline.
"This is one of the reasons why we are anticipating German GDP to contract in both the third quarter and the fourth quarter this year," Palmas said. Two consecutive GDP contractions are defined as a technical recession. A 2.4% drop in production in construction on the previous month, a 6.6% decline in energy production and a 2.3% fall in the manufacture of machinery and equipment hurt overall performance in August, the data showed.
Industrial orders rose by 3.9% in August due to a boost in computing, electronic and optical products, but the outlook for the sector remains challenging, Destatis said.
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