Setback for eurozone recovery hopes

Eurozone economic recovery hopes have been thwarted by an unexpectedly sharp fall in industrial production that suggested continental Europe’s recession was only slowly losing its ferocity. Industrial production in the 16-country region tumbled by 1.9% in April 2009, further extending the precipitous falls since the second half of 2008, according to Eurostat, the European Union’s statistical office.

Compared with April 2008, production was 21.6% lower – the steepest year-on-year fall since records began in January 1991.

Eurostat: Press Release: STAT/09/85: April 2009 compared with March 2009 Industrial production down by 1.9% in euro area Down by 0.9% in EU27 http://europa.eu/rapid/pressReleasesAction.do?reference=STAT/09/85&format=DOC&aged=0&language=EN&guiLanguage=en

BBC News, 12.6.09: Eurozone production's record fall http://news.bbc.co.uk/1/hi/business/8097056.stm

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