EU industrial production fell in May.

jaysonhyd   December 26, 2016  

Industrial production in the recession-hit eurozone fell 0.3 percent in May compared with the previous month, the data agency Eurostat reported Friday, after three consecutive monthly increases.

April industrial production rose 0.5 percent in the bloc’s 17 states, the agency said in a revised figures, compared to March when the rate increased 0.9 percent, AFP reported.

Numbers in April and March which is a great improvement on the performance in the previous months, and analysts said the latest report showed euro zone recession is already running 18 months may soon end.

May decrease was primarily due to the weakening 2.3 percent in the consumption of durable goods, while capital goods declined 1.5 percent.

On the positive side, energy production rose 0.1 percent, intermediate goods rose 0.4 percent and non-durable consumer goods rose 0.6 percent.

Decline in industrial output is highest in Ireland, which saw a decrease of 2.7 percent and in Greece with a 2.1 percent decline.

Output rose 6.1 percent on the other side of the recession plagued Portugal and 2.0 percent in Estonia. While in the 27 European Union countries, industrial output fell 0.6 percent in May compared to April.

Compared with the previous year’s data, industrial production fell 1.3 percent in the eurozone and 1.6 percent in the EU.