GERMANY

摘要

GDP prospects have grown increasingly bleak as the German economy's waning resilience in the wake of the Euro zone crisis erodes business confidence. Industrial production fell more sharply than anticipated in September, posting a 1.8% (m-o-m) contraction and prompting the 2012 consensus for industrial production to be downgraded from +0.1 % last month to -0.1% as the sector fights with outright recession. Manufacturing orders slumped -3.3% (m-o-m) in September as firms slashed investment in response to stagnant Euro zone activity.