FX.co ★ German Industrial Output Rises More Than Expected

Germany’s industrial production rose by 0.9% month-on-month in May 2026, beating market expectations and picking up from April’s revised 0.2% gain. This was the strongest monthly increase since September of the previous year, largely supported by a 3.6% surge in automotive output and a 0.9% rise in construction activity. Excluding energy and construction, industrial production increased by 0.8%, as higher output of capital goods (+1.3%) and consumer goods (+1.2%) more than offset a 0.4% decline in intermediate goods. Outside of industry, energy production grew by 0.8%. Output in energy-intensive industries also edged up by 0.2% compared with the previous month and stood 2.9% higher than a year earlier. On a less volatile three-month moving basis, industrial production inched up 0.1% in the March–May period relative to the preceding three months. Year-on-year, overall industrial output was flat, following a 0.9% contraction in April.