Manufacturing Jumps on Low Base,
Expect Flash 2Q GDP at +12.8%

IP Jumps at Fastest Pace Since 2010
Manufacturing trumped expectations as resilient demand for semiconductors and related equipment extended into May. The low base effects (from last year’s lockdown) for clusters including chemicals, transport engineering and general manufacturing bumped up the year-on-year figure. Industrial production jumped by +30% (vs. +2.3% in Apr) while IP ex-biomed
also accelerated by +29% (vs. +11.3% in Apr).