Drop in industrial production in Germany

Industrial production in Germany dropped unexpectedly in June due to slower economic growth in developing countries, such as China, the New York news agency Bloomberg reports.

Namely, industrial production in Germany in June fell 1.2% after a revised growth of 0.2% in May, the data published today by the German Economy Ministry show. Exports were reduced by 1%, whereas imports dropped 0.5%.

Despite the benefits like cheap oil, low interest rates and the eurozone recovery, certain manufacturers were facing difficulties in the past few months, mainly caused by the Greek debt crisis and deceleration of economic growth in China, Bloomberg underlines.