German Production Drops as Factory Weakness Weighs on Growth
- Pharmaceutical output weighs on overall industrial data
- Manufacturing dragged economy into a recession late in 2022
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German industrial production unexpectedly fell in May, casting a shadow over the recovery in Europe’s largest economy from its recent recession.
Output dropped 0.2% from April, as a decline in pharmaceuticals outweighed more vehicle manufacturing, according to the Wiesbaden-based statistics office. The median prediction in a Bloomberg survey of economists anticipated stagnation. From a year earlier, production was up 0.7%.