German industrial output falls sharper than forecast in July

By Tuba Ongun

Germany's industrial production dropped 2.4% from the prior month in July, much sharper than expected, according to official data released on Friday.

The market forecast a softer 0.4% decline in July's figure following an upwardly revised 1.7% growth in June.

The deterioration was mainly led by a significant decline in the automotive industry with 8.1% in July, Destatis data showed.

Decreases in the industries of electrical equipment and fabricated metal products by 7.0% and 3.8%, respectively, also brought down overall performance.

On an annual basis, industrial output plunged 5.3% in July.