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Euro zone industrial output slumps

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Euro zone industrial output slumps

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Industrial output in the 16 countries of the euro zone plunged by a record amount in January.

It was down by 3.5 percent from December. That is the fifth straight month of decline. The year on year drop was 17.3 percent. That points to a further sharp contraction in the economy this year and will increase pressure on the European Central Bank to further cut interest rates and follow Britain and the US in quantitative easing.