In April, euro zone industrial production unexpectedly increased and also the previous figure was upwardly revised. On a monthly basis, industrial production rose by 0.2% M/M, while the consensus was looking for a decline by 0.2% M/M. The breakdown is encouraging as production of intermediate (0.1% M/M), capital (0.5% M/M) and durable consumer (1.3% M/M) goods increased, while production of non-durable consumer goods stabilized. These gains were mitigated by a 3.7% M/M decline in energy production. Country details show a mixed picture as production fell in Germany (-0.3% M/M), France (-0.3% M/M), Spain (-0.1% M/M), Portugal (-3.6% M/M), Greece (-3.5% M/M) and the Netherlands (-1.2% M/M), while production only increased in Italy (1.0% M/M), Luxembourg (1.6% M/M) and Ireland (1.3% M/M). This outcome is an encouraging sign after the disappointing data of recent and eases somewhat the fears of a sharp slowdown in euro zone economic growth in the second quarter.