Germany's industrial production surprisingly tumbled in December for the fourth straight month, according to fresh numbers from the Federal Statistics Office. This meams that growth in euro zone's largest economy is losing momentum.
Factories output slipped 0.4 percent month-over-month, while economists polled by Reuters expected a 0.7 percent rise.
Thus, prospects for German economy became more pessimistic and recession now looks inevitable.
The construction sector was leader of the fall in December, as its activity squeezed by more than 4 percent, having shrugged off a small increase in manufacturing production. On the other hand, the auto sector recovered in the final month of 2019 as output grew by more than 7 percent.
Germany’s major stock index DAX dropped 0.4 percent on Wednesday.