Euro zone industrial production rose in May, official estimates showed on Tuesday, but the recovery from lockdown-induced record declines March and April was lower than expected and far from offsetting past drops.
FILE PHOTO: A worker wears a protective mask at the Volkswagen assembly line after VW restarts Europe's largest car factory after coronavirus shutdown in Wolfsburg, Germany, April 27, 2020, as the spread of the coronavirus disease continues. Swen Pfoertner/Pool via REUTERS/File Photo
The limited rebound in May, when many plants reopened, suggest the recovery is limited. The fall in April was also bigger than initially estimated by Eurostat, which on Tuesday revised its month-on-month data to -18.2% from -17.1%. The rebound from April concerned all economic sectors surveyed by Eurostat. It was mainly driven by a 54.2% leap in the production of durable consumer goods, which nearly offset big falls in the previous two months.
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