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Strong rise in eurozone output ignites hopes
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EUROZONE industrial output jumped twice as much as expected in July, breaking a two-month trend of contraction and raising hopes that the single currency area may start growing again in the third quarter after stalling in the previous three months.
Industrial production in the 18 countries sharing the euro rose by 1.0 percent month on month in July, and was 2.2 percent higher on the year, well above expectations of economists polled by Reuters.
The annual expansion showed the strongest rise since November last year when production gained 2.7 percent, European Union’s statistics office Eurostat said.
“However, all is not well for the industrial sector,” said Martin van Vliet, senior eurozone economist at ING.
“Production remains more than 10 percent below its pre-crisis peak and the recent weakening in the industrial surveys shows that manufacturers are finding life more challenging, which is not surprising given the tensions and sanctions between Russia and the West over the crisis in Ukraine and the slowdown in demand from some EM (emerging market) economies,” he added.
Eurostat said the monthly rise was driven mainly by the production of capital goods which rose 2.6 percent in July, followed by 1.2 percent growth in the output of non-durable consumer goods.
Europe’s growth engine Germany recorded industrial production growing at its fastest momentum in eight months, up 1.9 percent monthly, matching a rise seen in November last year.
Italy was the only major eurozone country that saw its output fall as production shrank 1 percent on the month.
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