Data signal eurozone’s exit from slump
Print Edition
A SHARP rebound in eurozone industrial output for June is another pointer that the single currency bloc is finally edging out of a record 18-month recession, official data showed yesterday.
Industrial production in the 17-nation eurozone gained 0.7 percent from the level in May when it fell 0.2 percent, bolstering hopes that overall economic growth figures due today will show a long-awaited switch out of recession.
Compared with industrial output in June 2012, the eurozone gained 0.3 percent, the Eurostat statistics agency said.
The figures are the latest to suggest the eurozone is turning the corner, with retail sales, business and consumer confidence and now industrial output all encouraging after months in the doldrums.
The report coincided with positive news from Germany, Europe’s powerhouse economy, where the closely watched investor confidence index calculated by the ZEW economic institute rose by 5.7 points to 42 points in August.
That was the best reading since March and also beat analyst forecasts for an increase to about 40 points.
“First signs of an end to the recession in important eurozone countries may have contributed to the indicator’s rise. Furthermore, the economic optimism is supported by robust domestic demand in Germany,” ZEW said.
For the survey, ZEW questions analysts and institutional investors about their assessment of the economic situation in Germany, as well as their expectations for the coming months.
Ben May of Capital Economics said the industrial output and ZEW figures “provide further signs that the eurozone has emerged from recession.”
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