German industrial output rebounds in May but not as much as forecast
Germany’s industrial production rebounded in May, rising by 7.8% on the month after falling by a revised 17.5% in April, the Statistics Office said on Tuesday, in the latest sign that Europe’s largest economy is recovering after lockdown, Trend reports with reference to Reuters.
The bounce-back, more modest than the 10% rise economists had been forecasting, was led by a 27.6% surge in production of capital goods. Growth was more modest in other areas and factories churned out fewer intermediate goods.
Despite the recovery, production is still well below the levels recorded before the onset of the coronavirus crisis. May output was down 19% in calendar- and season-adjusted terms on February, the month before lockdown measures were imposed.