Tuesday, May 21, 2019

Monthly GDP: May 2017

Industrial production strenghtens in Q2

Industrial production (IP) rose by 0,7% m/m in May, offsetting the slight decline recordered in April. The growth was broad-based and strongest in capital goods, which rebounded strongly at 2.3% m/m, while energy dropped -1% on the month. Manufacturing sentiment remained broadly stable at 55.2 in June, underpinned by buoyant foreing orders with positive effects on employment perspectives. With the Q2 manifacturing PMI average at 55.5, the highest in the last six years, PMIs point to a solid contribution of the industrial sector to GDP growth in the next months. The new GDP estimate for May prints a moderate m/m profile (+0.08% m/m) with year on year growth strenghtening at +1.4%.

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