May industrial production up in Germany, France
The data from Germany’s statistics office Destatis showed that the country’s industrial production was up by 1.2% on a monthly basis in May following a revised increase of 0.7% in April and beat the estimates of an increase of 0.2%. This was the biggest increase recorded in the first five months of this year and mainly driven by the increases in the production of energy, capital goods and consumer goods by 2.9%, 2.6% and 1.4%, respectively.
The data showed that the country’s output was also up by 5% on a yearly basis in May.
Meanwhile, according to the data from Insee, the official statistics office of France, the country’s industrial output recorded an increase of 1.9% in May following a decrease of 0.6% in the previous month. This increase also exceeded the economists’ expectations which were calling for a slight rise of 0.6%.
This rise stemmed from the increases in the production of machinery and equipment goods (3%), transport equipment (2.7%) and food products and beverages (1.2%).
Compared with the same month of last year, the industrial production in the country also increased by 2.6% which was mainly due to higher production in machinery and equipment goods, transport equipment and coke and refined petroleum products by 4.7%, 3.3% and 1.7%, respectively.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian PVC prices cautiously rebound from more than 2-year lows
- Freight rates near pre-Covid levels as pace of normalization accelerates
- Bleak outlook for Q1 keeps European PP, PE buyers sidelined
- PLAST EURASIA 2022: Eyes on Russian and US supplies with demand woes in focus
- December PE offers to SE Asia imply further drops, yet to respond to China
- Has the bear market for Asian PVC almost run its course?
- Demand outlook for crude oil dims amid China worries
- Asian styrene prices rebound from almost two-year lows
- Turkey’s PE market on brink of new drops for December
- Signs of optimism in China PP and PE markets, but caution remains