German Industrial Output Drops Unexpectedly in July
German industrial production fell unexpectedly in July by 1.1 percent due to a sharp drop in car manufacturing. Economists warn that low water levels on the Rhine may continue to curb production in the coming months.
Germany's industrial production fell 1.1% in July from the previous month, driven by a sharp drop in car manufacturing. Economists polled by Reuters had predicted a 0.1% rise instead of the unexpected decline. The contraction signals downside risks to GDP growth in the third quarter following strong momentum earlier in the year.
