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Eurozone Factory Output Falls, Recovery Elusive

Posted by Joseph Trevisani on Jul 12, 2013 7:39:00 AM

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Industrial production in the Eurozone fell for the first time in four months as renewed political tensions, record unemployment and economic contraction weigh on even the strongest of the bloc's countries.

Factory production in the 17 countries of the European Monetary Union (EMU) fell 0.3 percent in May, after a revised 0.5 percent increase in April, according to Eurostat, the EU statistics office. Expectation among economists polled by Reuters had been for a -0.2% reading. Production has been uneven over the past twelve months, gaining in seven and declining in five.

Factory output for the year fell 1.3% as predicted, following a 0.6%  contraction in April. Yearly production has fallen for 19 consecutive months. 

Production in the EU and EMU core and the continent's two biggest economies, Germany and France, dropped in May with Italy and Spain showing small increases. 

Germany, France, and Italy account for two-thirds of the euro zone's itotal ndustrial output.

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