Already in March, industrial production of the two largest economies in the European Union fell sharply.
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.Pompeo said that the U.S. and China are in constant contact in the context of the pandemic