German industrial output growth accelerated in May, beating economists' forecasts as manufacturing growth extended its rise, underpinning expectations of strong economic growth in the second quarter.
Rising for the fifth month in a row, industrial output in Europe's largest economy increased by 1.2% in May from April, adjusted for seasonal swings and calendar effects, the economics ministry said Friday. Economists surveyed by The Wall Street Journal forecast a 0.3% rise.
Industrial output was up by 5.0% from May last year, adjusted for calendar effects, the ministry said.
"The strong dynamics of [manufacturing] orders at the end of the year has been translated into a lively expansion of the production figures since the beginning of the year," the ministry said. It added that industrial activity has gained momentum and breadth in the current year.
The strong set of industrial data fits into a trend of good economic figures in Germany of late. Business sentiment hit a record high in June, measured by the Ifo Institute's monthly survey.
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(END) Dow Jones Newswires
July 07, 2017 02:21 ET (06:21 GMT)