Better-than-expected industrial production data released yesterday suggest that the German economy may be emerging from its downturn.
The Eurozone’s largest economy saw production rise 0.9% in May, ahead both of April’s 1.4% decline and analysts’ expectations of flat growth.
Spurring the uplift was a 5.6% expansion in construction sector output, far ahead of manufacturing’s 0.4% increase.
However, analysts warned against unguarded optimism. A rise in gross domestic product is not anticipated before the end of the year, while the positive month-on-month figures mask more negative comparisons with the same period last year.
News source: Financial Times