European Industrial Production plummeted 21.6% in April (year over year), its biggest decline on record, as the global downturn wiped out demand for the region’s goods. Month-on-month, production fell 1.9%, far exceeding economists’ projection for 0.4% decline.
The report contrasts news from other economies, such as China, where industry output rebounded to 8.9% in April. It is hoped that the European Central Bank’s plan to buy bonds will help to improve the flow of credit and revive the economy.
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