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Germany's Industrial Production Recovers In May

Germany’s industrial production recovered in May, helped by an easing of lockdown measures, Destatis reported Tuesday.

Industrial output grew 7.8 percent on a monthly basis in May, in contrast to a revised 17.5 percent fall in April. Production was forecast to grow 10 percent in May.

On a yearly basis, industrial production declined 19.3 percent versus a revised 25 percent decrease in April.

Excluding energy and construction, industrial production was up 10.3 percent in May. Energy production gained 1.7 percent in May and construction output grew 0.5 percent.

Destatis said the production in the automotive industry increased markedly in May, after a very low level in April 2020. However, it was still by just under 50 percent lower than in February 2020.

The material has been provided by InstaForex Company – www.instaforex.com