German Industrial Production Edged Higher in May
German industrial production edged higher in May, as expected, despite a significant decline in construction output.
Total industrial output–comprising output in manufacturing, energy and construction–increased 0.3% in May from the month before, Germany’s Federal Statistical Office said Monday.
The increase was in line with economists’ forecasts of 0.3% growth in a poll from The Wall Street Journal.
“After a weak April, production in the manufacturing sector stabilized at a low level in May,” the German economics ministry said. However, a two-month comparison shows “a clearly subdued industrial economy, which is likely to continue in the coming months in view of weak incoming orders and the subdued business climate,” it added.
Construction output dropped 2.4% in May from the month before, while manufacturing output rose 0.9%.
Compared with May 2018, total industrial output fell 3.7%, taking into account calendar effects.
Source: Dow Jones