German industrial production grows 1.2% in May

German industrial production in May rises by 1.2% and beats estimates that predicted a -0.6%. This is indicated by the statistics office Destatis. The data also reverses course on April which had marked a -1.4%. The positive trend is attributable to the growth in the automotive industry (+4.9% compared to the month previous) and in energy production (+10.8%). Also the increase in pharmaceutical production (+10%) had a positive impact on the overall result. On the contrary, the decline in the construction industry (-3.9%) had a negative impact.