Industrial production in the eurozone rose in April for the first time this year so far against forecasts of a further decline. The amount of goods leaving eurozone factories rose by 0.4pc during April compared to March and was up 0.8pc year-on-year, according to EU statistics office Eurostat. Industrial output for March was revised upwards; previously, Eurostat said output fell by 1.2pc in March from February, but it now calculates a fall of only 0.7pc. By sector in the eurozone, the sharpest monthly rise was in energy, up 1.7pc, followed by non-durable consumer goods, up 1.1pc. Durable consumer goods were up 0.9pc, capital goods production rose 0.8pc, and intermediate goods up 0.2pc.
Meanwhile, one of Germany's leading economic research institutes, the HWWA, said it expects the eurozone's largest economy to stagnate this year, after previously forecasting gross domestic product growth of 0.7pc. Two weeks ago, fellow economic institute IfW also cut its 2003 growth forecast to zero. The German government still expects the economy to grow by 0.75pc. Germany entered a recession after first quarter data showed the economy contracted by 0.2pc, after flat to negative growth in the last quarter of 2002.//www.fxcentre.com