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Financial News: Eurozone Industrial Production Yet To Show Improved Trend:

Eurozone Industrial Production Yet To Show Improved Trend: ING

08/18/2017 - 08:16:00 (RTTNews)

(RTTNews) - Eurozone industry is undergoing a cautious recovery and an actual improvement in the current trend of production is yet to happen, Bert Colijn, a senior economist at ING, said.

Industrial production dropped 0.6 percent monthly in June, reversing a 1.2 percent rise in May, data from Eurostat showed on August 14. The latest fall was the first decline in four months.

Annually, industrial production growth moderated to 2.6 percent in June from 3.9 percent in May.

"It is somewhat disappointing that production has yet to recover to its pre-crisis level," Colijn said.

"With the start of the crisis now ten years ago, industrial production is still 6.5 percent below its peak."

Nonetheless, due to strength in orders and businesses still reporting strong improvements in production, an improved trend for production is still in the cards, the economist said.

"This would indicate that the surprising growth in the Eurozone could continue in the second half of the year," the economist predicted.

But, July's manufacturing Purchasing Managers Index marked its weakest reading in six months.

"This false start to the quarter was also seen in other surveys, which could mean that 3Q GDP will be a touch weaker than the first half of the year, but that would still lead to a healthy 2 percent annual GDP growth rate for 2017," Colijn said.

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