Germany’s industrial production showed an uptrend in July again thanks to revival in automobile and construction sectors, Federal Ministry for Economic Affairs reports. It was also stated that companies are still optimistic amid strong foreign demand.
Thus, industrial production grew seasonally adjusted 0.7% in July, although the forecasts were for 1.0% increase. The indicator for June was revised to -0.9% compared to the reported initially - 1.4%. The Ministry believes that on the whole, the sector shows healthy dynamic.
Last Tuesday the German data was the main focus on the European trading floors. Germany’s foreign trade balance recorded a surplus of 22.8 billion euros against 22.1 billion euros in June. The July figures are record high for the last 24 years, and they exceeded analysts’ expectations.
Exports and imports also rose by 2.4 and 2.2%, respectively in July compared to the previous month, which was higher than the forecasts.
