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German industrial production is accelerating in June 2016

The German industrial production is accelerating in June 2016. The data signal that the largest economy in Europe is taken off before the votes for Brexit. On seasonally adjusted basis production increased by 0.8% compared to May, according to recent data from the Ministry of Economy. The index, which is usually volatile, is above the median assessment of economists for growth of 0.7%. On an annual basis German industrial production grew by 0.5%.

The Governor of the Deutsche Bundesbank, Jens Weidmann, commented that there is no indication that the decision of Britain to leave the European Union has changed the prospects for accelerating growth in the third quarter. Yet in July, the business confidence fell in June factory orders shrank amid the decline in demand for investment goods in the Eeurozone.

According to the German Ministry of Economic evaluation of managers in industry on business conditions remain good.

In June, industrial production was up 1.5% on a monthly basis because of a surge in the production of investment goods by 3.5%. Construction and energy production, however, decreased.

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