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Germany’s industrial output worse than estimates in March

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Germany’s industrial output shrank more than market estimates in March due to a decline in production in the automotive industry, according to official data released on Monday.

Industrial production dropped 3.4% from the prior month in March, following an upwardly revised 2.1% hike in February, the German statistical authority Destatis said in a statement.

The market forecast was a 1.3% monthly decline for March.

The manufacturing of motor vehicles and parts, Germany’s largest industrial sector, plunged 6.5% from a month earlier after a surge of 6.9% in February.—AA

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