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Friday 16th of July 2010
July 14, 2010    

Euro zone industrial production increases for third straight month

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by Kay Murchie
Euro zone industrial production increases for third straight month

Industrial production in the euro zone increased for the third month in a row in May.

Industrial output rose by 0.9% from April and was 9.4% higher than in May 2009, according to European Union statistics agency Eurostat.

However, the figures missed forecasts of a 1.3% monthly rise and an 11.3% annual gain.

“May’s euro zone industrial production data suggest that the fiscal crisis is not yet having any discernable effect on the recovery in the sector,” according to Ben May, European economist at Capital Economics.

Meanwhile, the strong industrial production figures should drive economic growth in the second quarter, said Marco Valli, economist at UniCredit Bank in Milan, who is predicting growth of 0.6% quarter-on-quarter.

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