Eurozone industrial production down by 1.1 pct in May

BRuKSEL (CIHAN)- The eurozone’s seasonally adjusted industrial production dropped 1.1 percent in May from April, the European Union’s (EU) statistical office Eurostat said Monday.
Meanwhile, the 28-member EU’s seasonally adjusted industrial production also fell by 1.1 percent on a monthly basis.
In April, the eurozone and EU’s industrial production both rose by 0.7 percent.
On an annual basis, industrial production grew by 0.5 percent in the eurozone and 1.1 percent in the EU respectively compared with May 2013.
The monthly decrease in the euro area in May is due to the falling production of intermediate goods by 2.4 percent, non-durable consumer goods by 2.2 percent, durable consumer goods by 1.8 percent, while energy production rising by 3 percent.
Among EU members, the largest decreases were registered in Portugal at 3.6 percent and Sweden at 3.2 percent, while the highest increase was in Romania at 2.6 percent.
Speaking at the press conference after the meetings of EU finance ministers in Brussels last week, Siim Kallas, Vice President of the European Commission said the major challenge for the coming months will be to strengthen the economic recovery in Europe.
The key to unlocking growth in Europe is to wholeheartedly embrace structural reforms, while maintaining fiscal discipline to reduce the high levels of debt, he said. (CihanXinhu)