News Column

Eurozone Recovery Picks up Speed

August 23, 2013
euro building
Eurozone headquarters (file photo)

Consumer confidence in the 17-member eurozone rose more than forecast in August amid signs that the region's economy is on the path to recovery from a protracted recession, data released Friday showed.

The mood among households in the currency bloc rose to minus 15.5 points this month, from minus 17.4 in July, the European Commission said.

Analysts had expected an indicator reading of minus 16.5 points.

The release of the latest consumer confidence survey comes after the eurozone emerged from an 18-month recession during the second quarter.

Since then, signs have emerged that the economy has continued to build up momentum.

Economic output in the eurozone rose faster than expected this month, according to a closely watched composite Purchasing Managers' Index by the London-based market research group Markit.

The consumer survey was also published ahead of the release next week by the commission of its key economic sentiment indicator, which analysts also forecast will show another rise.

Consumer confidence in the 28-member European Union rose to minus 12.8 this month, from minus 14.8 in July, the commission said.

Separate data out of Germany on Friday showed strong domestic demand contributing to a 0.7-per-cent rise in gross domestic product during the second quarter.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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