German industrial production tumbles
INDUSTRIAL production in Germany unexpectedly fell back sharply in July amid sluggish global demand, fuelling concern of a “further cooling” of the economy.
July saw production 1.5 percent lower than the previous month in Europe’s largest economy, correcting for price, calendar and seasonal effects, the federal statistics office Destatis said.
The figure fell far short of the 0.1pc expansion that analysts surveyed by Factset had predicted.
Compared with the same month in 2015, production was 1.2pc lower after correcting for calendar effects.
While energy and construction both reported increases in production, growing by 2.6 and 1.8pc, industrial firms’ output contracted by 2.3pc. –