Germany Industry May 2020


Germany: Industrial output rebounds in May

July 7, 2020

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%.

Panelists polled by FocusEconomics expect industrial production to drop 11.3% in 2020, which is down 1.8 percentage points from last month’s forecast. For 2021, the panel sees industrial production expanding 5.5%.


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Germany Industry Chart

Germany Industry May 20 20

Note: Month-on-month changes of seasonally adjusted industrial production and annual growth rate in %.
Source: Federal Statistics Office (Destatis).

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