Eurozone Industrial Production Rebounded 12.4% In May With The End Of Restrictions

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Industrial production in the euro area chalked up a record rise of 12.4% in May, after falls of 18.2% in April and 11.8% in March. However, the figure was still 20.9% below the level recorded in May 2019, according to data published by the EU’s statistics office Eurostat.

In the whole of the EU, industrial production recorded growth of 11.4% in May in comparison with the previous month when it fell by 18.2%. Year-on- year, EU industrial production was 20.5% lower in May compared to a year earlier.

Compared with April, the production of durable consumer goods rose by 54.2% in the euro area and by 47.7% in the EU. The production of capital goods increased by 25.4% in the euro area and by 24.8% in the EU, whilst the production of intermediate goods grew by 10% amongst the 19 and 8.7% amongst the 27. Non-durable consumer goods output rose by 2.8% and 1.8%, respectively.

Amongst the EU countries, the greatest monthly increases in industrial production were recorded in Italy with 42.1%, ahead of France with 20% and Slovakia with 19.6%. The most significant declines in May were observed in Ireland (-9.8%), Croatia (-3.5%) and Finland (-1.3%).

In the case of Spain, industrial production rebounded 15.1% in May after declines of 22.8% in April and 13.5% in March. The figure was still 24.9% lower than in May 2019.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.