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