Germany: Industrial output falls in April
Industrial production fell 0.3% month-on-month in May, matching April’s print. The result reflected contracting output of capital goods and energy, and declining construction activity. This offset robust growth in the production of consumer and intermediate goods.
On an annual basis, industrial production jumped 17.3% in May (April: +27.6% yoy). The print benefited from a favorable base effect as the country was in lockdown in the same month a year. Annual average industrial production fell 0.1% in May, easing from the 3.1% drop recorded in April.