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Euro zone business climate rebounds, still weak

Published 05/28/2009, 05:00 AM
Updated 05/28/2009, 05:08 AM

BRUSSELS, May 28 (Reuters) - The euro zone's business climate index rose in May for the second month running but remained low, pointing to weak industrial production, data showed on Thursday.

The Business Climate Indicator (BCI) increased to -3.17 points from an upwardly revised -3.26 in April, its first improvement over two straight months since May 2008, the European Commission said in a statement.

Analysts polled by Reuters had expected the indicator to be at -3.08 in May.

"The indicator nevertheless remained at a very low level, suggesting that year-on-year industrial production growth will have been negative in April and will remain distinctly subdued in May," the statement said. (Writing by Marcin Grajewski; editing by Dale Hudson)

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