Disappointing readings for industrial production in Germany and Spain. In fact, in May, German industrial production recorded a drop of 1,8% on a monthly basis, after -0,3% in April. This is an unexpected drop, since analysts had expected a zero change compared to the previous month.
According to the German Ministry of the Economy, the decline is mainly attributable to the effect of long weekends and the momentum of industry in Germany will recover in the second half of the year.
In Spain, on the other hand, seasonally adjusted industrial production showed growth of 2,5% on an annual basis, according to data released by the INE statistics office and relating to the month of May. Although positive, the data did not live up to expectations, which spoke of a growth of 3,8%. In April, production had recorded an increase of 4,1%.
