Germany's production sales post decline

Source: Agencies  |   2009-4-15  |     NEWSPAPER EDITION

GERMAN manufacturing sales slid a record 23.3 percent in February compared to a year earlier, the Federal Statistical Office said yesterday.

The office, based in Wiesbaden, said sales for February were dragged lower by consumer reluctance to part with their money.

The statistics office also noted that sales in the German automotive industry sank nearly 40 percent compared to February last year.

The office said domestic sales dropped by 19.5 percent while sales from business with foreign customers tumbled 27.5 percent.

Sales to the 16-nation euro zone fell by 25.9 percent while sales to other countries were down by 28.9 percent.

Germany is Europe's biggest economy and is the world's largest exporter.

The country has been hard hit by a slump in global demand for its products, and went into recession in last year's third quarter.