May 27, 2012
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Eurozone industrial production increases for third month in May
15 July 2010 / AP, LONDON
Industrial output in the 16 countries that use the euro rose for the third month running in May, official figures showed Wednesday, but the increase was slightly lower than anticipated by the markets.
Eurostat, the EU’s statistics office, revealed that industrial production rose by 0.9 percent in May from the previous month, the same as the increase recorded in April. However, the rise was lower than the 1.2 percent expected by economists. Most of the eurozone’s major economies, such as Germany, France and Italy, posted solid monthly gains, but output in Spain slipped. On a year-on-year basis, industrial production was 9.4 percent higher in May, down slightly on April’s 9.6 percent.
Industry has been the main driver behind the eurozone’s modest recovery from recession, partly because exporters have enjoyed the benefit of the lower euro, which makes their goods cheaper in the international marketplace.
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