FX.co ★ German Industrial Output Returns to Modest Growth in May After April Contraction

Germany’s industrial production edged back into positive territory in May 2026, offering a tentative sign of stabilization in Europe’s largest economy. Year-over-year output rose 0.11% in May, reversing a 0.76% decline recorded in April 2026.

The data, updated on 7 July 2026, show that while the rebound is modest, it marks an improvement in momentum for German industry. On a year-over-year basis, April’s figure had highlighted a contraction compared with April of the previous year, whereas May’s result indicates that output was slightly higher than in May a year earlier.

The shift from negative to marginally positive annual growth will be closely watched by markets and policymakers as they assess whether German manufacturing can build on this fragile upturn in the coming months.