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Euro zone still suffering as industrial production slumps
Source: Agencies |
June 13, 2009, Saturday
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Print Edition
Print Edition
Industrial production in the 16 countries that use the euro slumped in April, official figures showed yesterday, stoking fears that the euro zone remains in the grip of recession despite signs elsewhere that a recovery of sorts may be under way.
The European Union's statistics office Eurostat said a 1.9 percent drop in April, the eighth consecutive monthly fall, pushed the annual rate of decline down to a record 21.6 percent. Industrial production plays a particularly important role in the export-driven, manufacturing oriented European economy and its recovery, whenever it comes, will provide a clear indication that the worst of the recession is over.
Sharply lower industrial output was blamed for the massive 2.5 percent quarterly fall in the euro zone's first quarter gross domestic product. The recession in Germany, the euro zone's biggest single economy, was even greater as demand for its high-value exports, such as cars and heavy machinery, slumped amid the collapse in global trade.
Earlier this week, figures for Britain, which is outside the euro zone, showed that industrial output may be picking up.
Many economists think Britain's manufacturers may be benefiting from the pound's fall against the euro and the dollar and that conversely Europe's exporters are struggling as the euro remains the flavor of the month in the foreign exchange markets.
The European Union's statistics office Eurostat said a 1.9 percent drop in April, the eighth consecutive monthly fall, pushed the annual rate of decline down to a record 21.6 percent. Industrial production plays a particularly important role in the export-driven, manufacturing oriented European economy and its recovery, whenever it comes, will provide a clear indication that the worst of the recession is over.
Sharply lower industrial output was blamed for the massive 2.5 percent quarterly fall in the euro zone's first quarter gross domestic product. The recession in Germany, the euro zone's biggest single economy, was even greater as demand for its high-value exports, such as cars and heavy machinery, slumped amid the collapse in global trade.
Earlier this week, figures for Britain, which is outside the euro zone, showed that industrial output may be picking up.
Many economists think Britain's manufacturers may be benefiting from the pound's fall against the euro and the dollar and that conversely Europe's exporters are struggling as the euro remains the flavor of the month in the foreign exchange markets.
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