German Exports Declined in July

German exports fell in July, suggesting that Europe's largest economy may be slowing after record growth in the second quarter.

Exports, adjusted for working days and seasonal changes, fell 1.5% from June, Bloomberg News reported. A survey of economists by Bloomberg News had forecast unchanged exports.

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German industrial production rose 0.1% in July, less than expected.

"After the strong surge in the second quarter, German exports are now normalizing," Carsten Brzeski, senior economist at ING Group in Brussels, told Bloomberg News. "However, normalizing does not mean stagnation. Even at a slower pace, the export sector should remain an important growth driver."

Germany's economy grew at the fastest pace in two decades in the second quarter, as global demand for its products drove exports.