The German economy is in deep trouble. Its success was based on ‘old’ industries such as cars and chemicals, all powered by cheap fuel from Russia. It’s been the paymaster for the EU for some time and it will be interesting to see if German people want to keep doing this while they suffer economically. I always thought that it would be one of the ‘northern’ EU members who would be the next to leave the EU, fed up with the cost of running the show. Germany’s latest economic figures
Industrial production down 7% from pre-pandemic levels
Evidence that Germany might just be an analogue economy struggling to make the transition to a digital age comes from the latest manufacturing data. Industrial production has fallen for five straight months and is more than 7% below its pre-pandemic levels. The International Monetary Fund expects Germany to be the weakest economy in the G7 group of leading rich nations this year, and the only one to see output fall.