German Industrial Production Grew In May
Industrial output in Germany, which economy is the biggest in the Eurozone, rose in May. The German Economy Ministry reported, that Industrial output jumped 2.6% in May, the highest rise since November. The reading exceeded economists’ forecast for a rise of 0.3%. The figure for April was revised to a fall of 1.3% from a previously reported fall of 1.0%. Compared with May last year, production surged 3.1%.
Excluding energy and construction, industrial production climbed 2.7%. Energy production logged a monthly growth of 0.8% in May and construction increased 3.1%. Production of capital goods rose by 0.9% and that of consumer goods by 6.5%. At the same time, intermediate goods output showed an increase of 3%.
The recent figures dispel concerns about growth in Europe's largest economy and support expectations that a consumption-driven upswing will continue this year albeit at a slower pace than last year when the economy expanded by 2.5%. On Wednesday, data showed that industrial orders had surged by 2.6% in May after four consecutive monthly drops.