1. German industry output posts steepest drop in almost two years

German industry output posts steepest drop in almost two years

German industrial production unexpectedly fell in July, sending a negative signal at the start of the third quarter as it recorded its steepest fall in 23 months.

By: | Berlin | Published: September 7, 2016 12:20 PM

German industrial production unexpectedly fell in July, sending a negative signal at the start of the third quarter as it recorded its steepest fall in 23 months.

Industrial output fell by 1.5 percent on the month, data from the Economy Ministry showed on Wednesday, confounding the consensus forecast in a Reuters poll for an increase of 0.2 percent.

“Companies in the industry sector continue to adopt a wait and see approach because of sluggishness in the global export markets,” the Economy Ministry said in a statement.

A 1.8 percent rise in output in the construction sector and an surge of 2.6 percent in energy output were not enough to offset a 2.3 percent fall in manufacturing, the data showed.

The June reading was revised up to a rise of 1.1 percent from a previously reported rise of 0.8 percent.

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