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Business / Finance

Industrial production and German exports rebounded in may

The RSS feed "News line of Forex" 08.07.2019 at 13:59

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Industrial production and German exports rebounded in may, while the decline in imports continued, Destatis data showed on Monday. p>

the Volume of industrial production in may rose 0.3 percent from the previous month, in line with expectations, completely offsetting the decline of 2 percent in April. p>

on a yearly basis, industrial production fell by 3.7 per cent against a fall of 2.3% observed a month ago. The forecast was made in respect of more moderate contraction in output of 3.2 percent. R>

excluding energy and construction, industrial production in may increased by 0.9 percent. p>

Another report from Destatis showed that may exports rose more than forecast by 1.1 percent compared to the previous month, after falling 3.4 percent in April. Projected increase in supply by 0.8 percent. P>

meanwhile, imports unexpectedly fell by 0.5 percent after falling 0.9 percent in April. Economists had forecast an increase in imports by 0.4 percent. R>

Accordingly, the positive trade balance increased to 18.7 billion Euro, seasonally adjusted, compared with € 16.9 billion in the previous month. p>

on a yearly basis, exports rose 4.5 percent compared with a contraction of 0.2 percent in April. At the same time, import growth rose to 4.9 percent compared to 2.5 percent in the previous month. P>

on an unadjusted basis, the surplus in the trade balance rose to EUR 20.6 billion against EUR 17.9 billion in the previous month. p>

the Data showed that the surplus on the current account was in may of 16.5 billion euros, compared to 13 billion euros last year. R>

Economists stressed that the recovery of production in accordance with the latest official data does not mean the end of the recession in German industry. p>

the Ministry of economy said that in the coming months, the industrial economy remains weak due to weak reception of orders and gloomy business climate. p>

Data released last week showed that factory orders in may fell 2.2 percent, reflecting a sharp reduction in foreign orders. R>

the German Economy is likely to grow only marginally in the third quarter after a likely decline in the second quarter, said Ralph Colvin, Deputy head of economic research at Commerzbank. Andrew Kenningham, economist at Capital Economics, said that now with high probability the production declined in the second quarter as a whole, that contributed to a sharp slowdown in Germany's GDP, and the surveys of business in June revealed the grim mood. P>

the Bundesbank last month said that the largest economy in the Eurozone should decline in the second quarter as temporary factors that have boosted growth in the first quarter, disappeared. R>

a Survey of purchasing managers showed that manufacturing in Germany remains the weakest in the currency bloc. The sector decreased for the sixth consecutive month, as the slowdown in the automobile industry affected the number of orders. P>