Manufacturing production expands at quickest pace in over a year in May

Latest reading: Manufacturing output expanded 2.0% month on month in seasonally adjusted terms in May (April: +1.7% mom s.a.). May's figure marked the best reading since April 2024. Looking at the details of the release, May's pickup was broad-based, with both petroleum, chemical products, rubber and plastic products, plus basic iron and steel, non-ferrous metal products, metal products and machinery output rising at faster paces. Moreover, food and beverages production rebounded strongly in May. On an annual basis, manufacturing output grew 0.5% in May, rebounding from April’s 6.4% fall and marking the best result since October 2024. Accordingly, the trend improved slightly, with the annual average variation of manufacturing production coming in at minus 1.5% in May, up from April's minus 1.7% reading.

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