Industrial Production Increases In Euro Area
BRUSSELS (AP) — Industrial production in the European Union, an important predictor of future economic growth, rose in May compared to the month before, but was still significantly lower than it was a year earlier, the region's statistics agency announced Thursday,
Eurostat reported Thursday that seasonally adjusted industrial production rose 0.6 percent in the 17-country euro area and 0.5 percent in the full 27-country EU. However, the figure was down 2.8 percent from May 2011 in the euro area and down 2.3 percent in the full EU.
The industrial sector includes manufacturing, mining and utilities. Although the sector represents a small portion of gross domestic product, it is considered an important indicator of future growth in GDP.