German industrial production ticked up more than expected in May, official data showed, as Europe’s top economy defied the worst following the virtual closure of the Strait of Hormuz, Reuters reports.
Factory production rose 0.9 per cent on the month, statistics office Destatis said, beating expectations in a FactSet poll of analysts who had expected a rise of 0.3pc.
The automotive industry led the way with production volumes up 3.6pc, Destatis said, while production of industrial machinery also rose 1.3pc.
“Despite the war in the Middle East and soaring energy prices, industrial production is proving resilient,” ING analyst Carsten Brzeski said.
