In the first quarter of 2003 industrial production expanded by 1.5% over the corresponding period of the previous year. The outlook for the rest of this year is still not bright. In their Spring Report the Economic Research Institutes forecast a weak development in the world economy and in Germany this year. At best this will permit a slight upward trend in industrial production in the short term; acceleration is not expected until next year. If the external value of the euro continues to rise, the upswing in industry will be at risk.
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