German industrial production rose by less than economists had expected in July, fuelling concerns about whether the nascent recovery in the eurozone’s pandemic-stricken economy is running out of steam.
The 1.2 per cent month-on-month rise in German industrial output in July reported by the Federal Statistical Office on Monday was the third consecutive month of growth. But it undershot economists’ consensus expectations for a 4.8 per cent increase, according to a poll by Reuters.
The figure adds to the concerns of policymakers at the European Central Bank, who will meet on Thursday to discuss monetary policy and are likely to consider how the recent appreciation of the euro risks undermining the competitiveness of eurozone exports and driving down import prices.