Industrial output in the eurozone has continued to drop, down 1.1% in May 2014 compared to the April, but the consolation prize may be that the rate is up by 0.5% compared to May 2013.
The decline, however, was much worse in Portugal. A fall of -3.6% took place during May this year compared to April, although April had an significant rally of 6.8%.
Production was running about level with that which was taking place in May last year.
Portugal’s drop of -3.6% was the greatest production decrease in the eurozone.
Across the euro region, only the production of energy was greater than it had been in April. All other items, from durable consumer goods to non-durable ones, were in decline.
