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Jump start for euro industry in spring
THE EUROZONE’S industrial firms yesterday reported a more rapid expansion that was expected between March and April, raising hopes for higher economic growth in the second quarter.
Industrial production rose by 0.8 per cent between March and April alone, twice the 0.4 per cent bump that was expected. Year-on-year, the output index rose by 1.4 per cent in April.
“Particularly encouragingly, annual growth in Italian and Spanish production hit three and four year highs respectively,” said James Howat of Capital Economics.
Despite the boost, production is still depressed from pre-crisis levels, with output down by about 10 per cent from early 2008.