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Monthly Note on Economic Recovery in Manufacturing, Construction and Selected Service Industries

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After several months of a strong recovery, the latest data show that the pace of the recovery in<br/>manufacturing industry has slowed slightly in April compared with the strong increase in the<br/>first quarter. Nevertheless, industrial confidence continued to improve in May despite the<br/>troubles in financial markets.

Data on manufacturing production for April 2010 show growth of almost 8% over the previous year and an improvement of some 3% over the last three months. Manufacturing production has now increased in ten out of the last eleven months. Output in April was nonetheless still over 14% below its former peak in early 2008. There are also some tentative indications that construction output has now begun to stabilise after a very substantial fall of some 15% from its earlier peak. The latest data and forecasts for tourism from the beginning of 2010 indicate that the revival is underway in this sector as well.

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