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German industrial production declines further in July

Industrial production in Germany declined by 1.1% in July on a monthly basis, after price, seasonal and calendar adjustments, according to provisional data from the country's Federal Statistical Office.

The Econoday consensus was an increase of 0.3% in July. The monthly industrial production in June was upwardly revised to show a decline of 0.7%, as opposed to a drop of 0.9% according to preliminary figures.

Production of capital goods shrunk 2.5% in July from the previous month, while that of consumer goods slipped 0.9% and intermediate goods 1.4%. Energy production remained at June's levels, while production in construction rose by 2.6% in July month over month.

On an annual basis, industrial production ticked up 1.1% in July after price and calendar adjustments, compared with annual growth of 2.7% in June.

"The summer dip, in our view, seems to be driven by uncertainty stemming from global trade tensions and once again the summer vacation period," said Carsten Brzeski, chief economist at ING Germany. "Finally, it also seems that after a strong inventory build-up in the first half of the year, companies are simply reducing their stocks."