Euro zone industrial production falls by 1.1% in May
Published on Jul 14, 2014 7:31 PM
BRUSSELS (AFP) - Industrial production in the euro zone fell by 1.1 per cent in May, official Eurostat data showed on Monday, erasing a rise a month earlier.
In April, industrial production rose 0.7 per cent, and the quick turn lower will dampen hopes that a sustained recovery has taken hold in the 18-country single currency zone.
"Although the decline is likely to have been temporary, the disappointing numbers add to evidence that economic growth in the region is slowing," said Chris Williamson, chief economist at Markit. "Business optimism and hiring intentions have cooled from the three year highs seen earlier in the year, led by darkening clouds forming over the French economic horizon in particular," he added.
The production fall in May was mainly due to a 2.4 per cent drop in intermediary goods and a 2.2 per cent fall in non-durable consumer goods.
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