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German industrial production unexpectedly declines further in July

Germany's industrial production unexpectedly fell again in July, but at a slower rate when compared with June, amid a slump in factory orders, provisional data from the country's Federal Statistical Office showed.

Industrial production in Germany fell 0.6% month over month on a price-, seasonally and calendar-adjusted basis in July, after a revised drop of 1.1% in the previous month. The consensus estimate of economists polled by Econoday was for a 0.4% gain on a monthly basis.

Production excluding energy and construction dropped 0.8%, while production of intermediate goods and capital goods fell 0.7% and 1.2%. respectively. In contrast, consumer goods' production grew 0.6% month over month in July.

Energy production fell 1.3%, while production in construction climbed 0.2% in July.

On a yearly basis, industrial production dropped 4.2% in July after price and calendar adjustments, following a revised 4.7% fall in June. The Econoday consensus forecast was for a 3.7% decline.

The data "will be another argument for ECB members in favor of new monetary stimulus," wrote Carsten Brzeski, chief economist at ING Germany.