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Industrial production in Germany unexpectedly rose in May, the official data showed on Monday; calming fears of a slowdown in Europe’s largest economy.

Output rose 0.3% m/m, the federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects – much more than a 0.4% drop expected and -1.9% last.

On an annualized basis, the German industrial production arrived at -3.7% versus -1.1% expected and -1.8% booked in April.

Meanwhile, the German trade balance came in at EUR 18.7B in May vs. EUR 18.6B expected and EUR 17.0B previous.