It took half a month of quarantine to collapse the industry in Germany and France

Already in March, industrial production of the two largest economies in the European Union fell sharply.

It took half a month of quarantine to collapse the industry in Germany and France

This was reported by the agency “Bloomberg” on Thursday, May 7.

Half a month of restrictions led to a decrease in German production by 9.2%, while in France – by 16.2%. However, it is noted that the French business activity did not increase much in April. According to the statistical agency “Insee,” the economy is operating 33% lower than normal, which is only 3% better than at the beginning of quarantine.

In Germany, producers were particularly affected in March. The decline in production was then over 11%. The Ministry of Economy said the recession would intensify after production orders fell by almost 16%.

BMW AG followed the example of other automakers and reduced its profit forecast for the year. Lufthansa is negotiating several billion euros of aid with the government.

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