German Industry Data Good Thanks Automotive and Construction

German industrial sector increased again in July. According to the data released today, industrial output figures or industrial products of Europe's largest economy increased due to higher domestic consumption.

The increase in industrial output is obtained thanks to the contribution of the automotive and construction sectors. Businesses still have high confidence in the outlook for business despite the volume of foreign demand is weak.

Industrial production, adjusted for seasonal factors and calendar year, released up 0.7% compared with June. However, the percentage was not as big as analysts estimated that at the level of 1.0%. The industrial output for June was revised up from 1.4% to 0.9%.

German economy ministry claims the whole industry sector is performing well during the month of July. The production of a factory or manufacturing output for July rose 0.3% compared to the previous month. While construction output increased 3.2% and auto production soared 7.2%. Compared with July 2014, the rate of industrial output rose by 0.4% (adjusted for calendar factors).