Eurozone industrial output rises in June

Industrial output from factories in the 17-nation eurozone went up in June. This jump was in line with expectations and is being viewed as evidence that the single currency bloc is exiting recession.

Reuters reports that, according to data from the EU's statistics office Eurostat, industrial production in the bloc rose by 0.7 percent in June. This compares with a 0.2 per cent fall the previous month.

In addition, Industrial production in Europe's strongest economy Germany rose by 2.5 percent on the month in June. This was the highest figure for nearly two years.

AAP reports that, in further positive news for the eurozone, the German investor confidence index calculated by the ZEW economic institute rose by 5.7 points to 42.0 points in August.

This exceeded expectations and was the best figure since March. Most analysts expected a rise of around 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.

June output decreased in France, Spain and the Netherlands, while production in Italy rose by 0.3 percent.

Manufacturing from Germany, France, and Italy accounts for two-thirds of the bloc's output.
The worst performance was in Finland, where industrial output fell 5.9 per cent. The best result, an increase of 8.7 per cent, was recorded in Ireland.