Euro-zone output down in May; supply constraints likely through 2021

Summary: Euro-zone industrial production down 1% in May; contraction triple expected figure; annual growth rate falls, “base effects” still present; production down in all four of euro-zone’s largest economies; supply constraints likely through 2021.   Following a recession in 2009/2010 and the debt-crisis which flowed from it, euro-zone industrial production recovered and then reached a peak four years later in 2016. Growth rates then fluctuated for two years before beginning...

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