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German industrial production falls sharply in July

Xinhua, September 7, 2016 Adjust font size:

German industrial production dropped sharply in July, official data showed on Wednesday, feeding worries about a further cooling of the German economy.

Compared with the previous month, industrial output fell by 1.5 percent in July, said German federal statistics office Destatis. It was the sharpest drop since August 2014. Economists had expected a gain of 0.1 percent.

"Industrial companies continue to be cautious because of the sluggish development of global markets," said German Economy Ministry in a statement.

"The sharp drop will feed worries about a further cooling of the German economy," said Carsten Brzeski, chief economist at ING DiBa bank.

"Chances remain low that the former backbone of the German economy will quickly return to its old strength," he added.

The German economy expanded by 0.4 percent in the second quarter of 2016, following a growth of 0.7 percent.

On Tuesday, Destatis reported that the growth of German factory orders missed economists' expectation, suggesting subdued industrial activity in the autumn. Endit