Germany: Industrial output rebounds in May
Industrial production rose 7.8% calendar-adjusted month-on-month basis in May (April: -17.5% mom). The figure marked the best result on record.
The upturn was largely driven by a surge in capital goods production. While consumer goods output also expanded, intermediate goods production decreased slightly. Lastly, the construction sector and energy output gained pace.
On an annual basis, factory output dived 19.3% in May, a less pronounced decrease than April’s 25.0% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 7.2%, down from April’s minus 6.0%.