German Industrial Production declines by 3.4% MoM in March vs. -1.0% expected

Industrial Production in Germany declined more than expected in March, the official data showed on Monday, suggesting that the manufacturing sector activity is deteriorating further.

Eurozone’s economic powerhouse’s Industrial Output dropped by 3.4% MoM, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects, vs. -1.0% expected and 2.1% prior.