Output, recovery hopes up in Germany
A German government scheme has led to a jump in car sales, prompting a rise in industrial production. May figures showing the growth rate at 3.7 percent was reportedly the fastest in 16 years, according to official data.
“Given firmer orders, the prospects for a positive development in industrial production have improved,” read a statement by the Economy Ministry following the release of the data.
However, analysts believe that even without help from the scheme the numbers would show a rise, raising hopes that the German economy has started its recovery from recession.
The results could have a positive effect on the earlier forecast that the export-exposed country would contract by six percent.
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