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Industrial production rises in the eurozone

Industrial production rose by 0.5% in the eurozone in May, the first month-to-month increase since August last year.

The 27 largest European Union (EU27) countries recorded industrial production growth, albeit at a lower rate of 0.1%, according to estimates released by Eurostat, the Statistical Office of the European Communities.

Still, on a year-to-year basis, industrial production declined by 17% in the eurozone and by 15.9% in the EU27.

Howard Archer, the chief British and European economist at IHS Global Insight, says it is premature to deduce anything more than that the eurozone manufacturing sector is experiencing a bounce.

He says for a significant, sustainable manufacturing recovery to develop, there needs to be an extended pick up in orders in both domestic and foreign markets. And this remains highly uncertain.

According to IHS Global Insight data, the eurozone manufacturing sector is still far from robust, despite significant improvements.

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