Industrial production slackened further in July with its key index dropping 2.8 percent from June, marking the fifth consecutive month-on-month decline, the trade ministry said in a preliminary report Thursday.

The index of output at mines and factories fell to 95 against the 1995 base of 100, the lowest since March 1994, when it was 95, the Ministry of Economy, Trade and Industry said.

The five months of decline match the period of decline between August and December 1997. The margin of decline was the largest since the revised 4.4 percent fall registered in January.