News Column

Eurozone Industrial Production Rises Less than Expected

August 13, 2013
Eurozone

Eurozone industrial production rebounded in June, helping to set the stage for an end to the region's 18-month-long recession, data released Tuesday showed.

Industrial output in the 17-member currency bloc increased 0.7 per cent month-on-month in June after contracting 0.2 per cent in May, the EU's statistics office, Eurostat, said.

The gain in June was, however, less than the 1-per-cent rise forecast by analysts.

Still, the monthly rise has raised expectations that data to be released Wednesday will show the eurozone struggled out of recession during the three months to the end of June, with the economy growing by 0.2 per cent.

"The industrial production report shows that the recession has probably ended in the eurozone," said ING Bank economist Peter Vanden Houte.

Eurozone production rose by 1.2 per cent in the second quarter compared with a 0.2-per-cent increase during the first quarter, economists said.

Industrial output edged up 0.3 per cent in June when compared with the same month last year.

Monthly production expanded by 0.9 per cent in the broader 27-member European Union in June and by 0.4 per cent year-on-year.



Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH. Distributed by MCT Information Services


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