Germany's exports fell unexpectedly in July, ending five months of continuous upward momentum, and made hopes for Europe's largest economy to recover rapidly diminished. Foreign exports fell 0.8% month-on-month in July, falling short of the continued growth predicted by economists. The Federal Statistical Office said on Tuesday that the decline in exports was due to a decrease in exports to EU countries. Germany's economic performance in the first half of the year was better than expected, with exports being the main driving force. This prompted economists to raise their growth expectations. Bundesbank Governor Joachim Nagel also said that output is expected to increase by 1% this year, double the rate predicted three months ago.

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