Rise in eurozone industrial production points to recession’s end
By DPA, IANSWednesday, October 14, 2009
BERLIN - Industrial production in the 16-member eurozone rose in August, the Europe’s statistics office said Wednesday, adding to evidence of an end to the recession in the currency bloc.
Eurostat said output rose by 0.9 percent month on month in August and revised up the July figure to a 0.2 percent increase. Economists had predicted a 0.8 percent rise in August.
With the eurozone’s two biggest economies - Germany and France - having emerged from recession during the second quarter, economists believe the currency bloc returned to an economic growth path in the three months to the end of September.
However, highlighting the scale of the downturn that engulfed the eurozone economy over the last year, industrial output slumped by 15.4 percent in August compared with the same month in 2008.
But in April, as the global recession tightened its grip on the eurozone, industrial production plummeted by a record 21.3 percent year on year.
Eurostat said August industrial production grew by 0.6 percent in the broader 27-member European Union. Year on year, output dropped by 13.5 percent.
But while several EU states reported solid rises in output in August - Italy (7 percent) and Slovenia (4.9 percent) - other nations posted considerable contractions. This included Ireland, which reported a dramatic month on month 16.7 percent fall in August in industrial production.
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October 14, 2009: 1:36 pm
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