Germany's industrial output in May exceeds expectations, with a strong rebound in automobile production

Golden Ten Data, July 7 — According to data released by the German Federal Statistical Office on Tuesday, Germany's industrial output in May rose by 0.9% month-on-month, exceeding market expectations of 0.2% and the previous value of 0.4%, mainly driven by strong growth in automobile production. Data shows that output in the automobile industry increased by 3.6% month-on-month. The less volatile three-month-on-three-month data shows that industrial output from March to May was 0.1% higher than in the previous three months. After revision of the preliminary data, April's industrial output increased by 0.2% month-on-month, lower than the 0.4% growth in the initial data. Data released on Monday showed that Germany's industrial orders in May grew by 1.9% month-on-month. Even after excluding large orders such as for aircraft, ships, trains, and military vehicles, the increase remained considerable.