Germany's industrial production up year-on-year in May

By Gokhan Ergocun

ISTANBUL (AA) — Germany's industrial production increased 0.7% on a yearly basis in May but declined monthly by 0.2%, according to official data released on Friday.

Figures by the Federal Statistical Office (Destatis) showed that the manufacture of pharmaceutical products was hit particularly hard, falling 13.1% on a monthly basis.

"The decline in energy production (-7.0%) had a clearly negative effect on overall performance as well," Destatis said in a press release.

"By contrast, the manufacture of motor vehicles, trailers and semi trailers (+4.9%) had a positive impact on overall performance," it added.

The industrial output — excluding energy and construction — was up 0.2% from April 2023, while the production of capital goods rose 1.3%.

"The production of consumer goods decreased by 1.2% and that of intermediate goods by 0.5%," said the release, adding that, outside of industry, production in construction had slipped 0.4%.

It added: "Compared with May 2022, production in industry was up 0.7% in May 2023 after adjustment for calendar effects.

"Production in industry excluding energy and construction increased by 2.2% over the same period."