Trade Balance – April- Industrial Output
E Bln (NSA) E Bln (SA) %mom %yoy

Median* 15.5 14.7 0.9 12.7
High forecast 17.0 15.2 3.3 13.0
Low forecast 13.5 12.7 -0.5 11.0
Number of responses 4 5 13 9

Barclays Cap. na 12.7 1.0 12.9
Action Economics na na na na
Commerzbank na na -0.5 11.0
Capital Economics 15.0 na 0.5 12.0
West LB na na 3.3 na
Credit Agricole na na na na
JP Morgan na na 0.8 12.7
Nomura na na na na
4Cast na 15.2 1.0 12.9
Natixis 13.5 na 1.1 13.0
BNP Paribas na 14.8 0.8 12.7
Unicredit na na na na
UBS 16.0 na 0.3 na
DZ Bank 17.0 na 1.5 na
Goldman Sachs na na 2.0 na
Citi na 14.5 0.8 12.7
Soc. Generale na 13.4 -0.3 6.8

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* Median is based on above forecasts and is not intended to represent
a consensus.

The survey was conducted on Friday, June 4.

[TOPICS: M$XDS$,M$X$$$]