Industrial production in the euro area has shown a greater drop than expected in Mayas official data published by Eurostat on Wednesday showed, suggesting that the recovery in the manufacturing sector is losing momentum once again.
The industrial production in the block reached -1.0% compared to an expected 0.2% drop and 0.6% from the previous month.
In annualized terms, industrial production increased 20.5% in May compared to an expected increase of 22.2% and 39.4% in April.
About industrial production in the eurozone
Industrial production published by the statistical office of the European Commission, Eurostat, measures the production of factories and mines in the Eurozone. Changes in the trend of industrial production are closely followed as an indicator of the strength of the manufacturing sector. A higher than anticipated reading is bullish for the euro, while a lower reading is bearish.
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