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German exports, industrial output fall in June

Xinhua, August 7, 2015 Adjust font size:

German exports and industrial output both fell unexpectedly in June, but failed to hamper prospect of German economic growth in coming months, official data showed on Friday.

In seasonal and working-day adjusted terms, German exports declined by 1.0 percent in June on May. Imports also fell by 0.5 percent month-on-month, data from German federal statistical office Destatis showed.

This was the first drop of exports since February, Destatis said. Adjusted net foreign trade, the balance between exports and imports, thus narrowed to 22 billion euros (about 24.05 billion U.S. dollars), but remained near its record high level.

A separate report from Destatis showed industrial output also fell monthly by 1.4 percent in adjusted terms in June, mainly due to a setback in construction production which slumped by 4.5 percent.

German Economy Ministry said despite the weak performance of industrial production, prospect of the sector remained bright as new orders surged in June and German companies were in good mood.

"Conditions for the sector remain good," the ministry said, "a continuation of the moderate upward trend in the industry is expected in the coming month."

Economists expected the economic expansion, supported by strong domestic demand, to speed up in the second quarter following a mild growth of 0.3 percent at the start of 2015.

Last week, the German Institute for Economic Research (DIW) in Berlin said German economy would increase by 0.5 percent in the second quarter thanks to dynamic employment situation and private consumption.

Official data on the second quarter growth was scheduled to be released next Friday. Endit