BERLIN (AP) — German factory production surged in May, further allaying economists’ fears that Europe’s largest economy might be cooling.
The German Federal Statistical Office reported Friday that industrial production rose 2.6 percent in May over April in its strongest monthly performance since last November. Increases were driven by strong rises in both consumer goods and investment goods sectors.
The report comes after the office said Thursday that industrial orders also rose 2.6 percent in May, in figured adjusted for seasonal and calendar effects, which portends well for future production growth.
ING economist Carsten Brzeski says “after months of disappointments, this good news come exactly at the right time, washing away at least some of the concerns about the strength of the German economy.”
This article provided by NewsEdge.