Germany posts 2nd monthly decline in industrial output
Industrial output in Germany, Europe's largest economy, fell for a second month in March, indicating that the surge in oil prices is curbing growth. The preliminary data released from the Labor and Economy Ministry show that industrial output fell 0.8% month on month in March. Final figures show industrial output fell 2.1% in February, but rose 2.8% in January. The Ministry added that output in the construction industry fell 10.8%, possibly because of the unfavorable weather conditions during the month, while in the energy sector, output decreased 4.2%. Economists indicate that the increase in oil prices creates additional costs for companies and has contributed to the slowdown in growth since the second half last year.