Brussels, Belgium (4E) – Industrial production in the euro area declined for a second consecutive month in June, a sign that the economic rebound of the common currency bloc may have slowed down in the second quarter.
Output from factories, mines and utilities dropped 0.3 percent from May, and was flat compared with June last year, according to the European Union’s statistics agency report released Wednesday. The 21 economists polled by The Wall Street Journal last week forecast a 0.3 percent rise in June production.
The 18-nation area’s economy has struggled to expand in the years since the 2008 financial crisis, and in particular fell behind other global economies since the crisis in late 2009.
Ireland posted the biggest decline in euro zone production, tumbling 16.5 percent in June. The euro zone’s two largest economies registered increases, with Germany climbing by 0.2 percent and France by 1.2 percent. Industrial production in the EU dropped by 0.1 percent overall, and gained 0.7 percent over the 12-month period.