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
