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Record decline in industrial production in Germany due to COVID

German industrial production shrank at a record-strong rate in March, when Europe's largest economy was hit full force by the new coronavirus, DPA reported.
Production volumes of the country's industrial enterprises shrank by 9.2 per cent in March. This is more than expected and is the biggest decrease in the indicator since 1991 since the Federal Statistics Office collected such data, BTA writes.

Analysts expected a 7.4 per cent fall in March in industrial production, and it turned out 0.3 per cent higher than reported in February.

On an annual basis, the decrease was 11.6 per cent in March, the Federal Statistics Office specified. Analysts had forecast it to be 8.9 per cent in March from the same month last year.

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