Eurozone Industrial Production Growth Exceeds Expectations

Eurozone industrial production rebounded at a faster than expected pace in May largely driven by consumer goods output, figures from Eurostat revealed Friday.

Industrial output grew 0.9 percent month-on-month in May after declining 0.4 percent in April. This was the first increase in four months. Production was forecast to grow 0.2 percent.

Durable and non-durable consumer goods output advanced 2.3 percent and 2.7 percent, respectively. Output of capital goods gained 1.3 percent and that of energy was up 0.7 percent.

Meanwhile, production of intermediate goods dropped 0.2 percent.

On a yearly basis, industrial production declined 0.5 percent, following a 0.4 percent drop in April. Economists had forecast a 1.6 percent rise for May.

The material has been provided by InstaForex Company –