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German industry production down 3rd straight month
http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=VANOV&SECTION=BUSINESS&TEMPLATE=DEFAULTGerman industry production down 3rd straight month
Jul 7, 7:15 AM EDT
BERLIN (AP) -- German industrial output fell sharply in May, a third consecutive drop that suggests Europe's biggest economy and engine of growth lost steam in the second quarter amid slowing business in China and tensions over Ukraine.
The 1.8 percent drop compared with the previous month also reinforces concerns over the economy of the wider 18-country eurozone as other countries, such as France, are still too weak to pick up the slack.
Monday's figure, published by the Federal Statistical Office, undercut economists' expectations for no change. Production slipped 0.3 percent in April, revised downward from the initial reading of 0.2 percent growth.
The Economy Ministry pointed to a calendar effect from holidays in May and expected weakness in construction after very mild weather in the year's first quarter, but said "geopolitical causes" may also have contributed. Tensions with Moscow over the crisis in Ukraine have raised concerns that Western powers including Germany might sanction business ties with Russia.
