Canadian Manufacturing

European industrial output grew 1.3 per cent in May

The figures are further evidence that the eurozone recovery has picked up steam as economists predict a quarterly rate of 0.7 per cent



BRUSSELS—Official figures show that the industrial sector in the 19-country eurozone had its strongest month this year in May, a development that augurs well for the region’s second-quarter growth.

Statistics agency Eurostat said Wednesday that industrial production rose by a monthly rate of 1.3 per cent. That was up on the previous month’s 0.3 per cent and ahead of expectations for a 1 per cent increase. It’s also the biggest increase since last November.

The figures are further evidence that the eurozone recovery has really picked up steam this year and there are growing expectations that the region’s growth rate picked up further during the April to June quarter to a quarterly rate of 0.7 per cent. The first estimate is due at the start of next month.

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