Eurozone industrial production accelerates to five-month high
Eurozone industrial production beat economists' expectations in July, rising to a five-month high, amid a higher volume of energy, capital and durable consumer goods.
Data from Eurostat has shown industrial output in the single currency bloc rose 0.6 per cent compared to June, and 1.9 per cent year-on-year. Economists polled by Reuters had been expecting a 0.3 per cent monthly rise.
The production of energy increased three per cent, as capital goods rose 1.4 per cent and durable consumer goods 1.3 per cent, however intermediate goods and non-durable consumer goods both fell by 0.6 per cent.
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The figures suggest the European Central Bank's (ECB) unprecedented bond buying programme, pumping €60bn (£46.7bn) into the euro area every month until September 2016, is starting to boost the region's economy. The programme came after other measures, such as cutting the main interest rate to 0.05 per cent, and its deposit rate to -0.2 per cent.
Recently ECB officials such as president Mario Draghi and chief economist Peter Praet have said Frankfurt could ramp up the programme to ensure inflation returns to its two per cent target in the medium term.
Eurostat also revised up data for June to a 0.3 per cent monthly fall from a 0.4 per cent fall and to a 1.5 per cent year-on-year rise from the previously reported 1.2 per cent rise.
(Source: Eurostat)