Industrial production came in better-than-expected in March, rising by 1% on a monthly basis, following +0.3% m/m in February. Yet, output remains below last year level by almost 2%, although the contraction is easing (it was -3.2% y/y in February). Among the largest economies of the area output rebounded in Spain and continued to increase in Germany, while it fell by almost 1% m/m in both France and Italy.
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BNP Paribas