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Eurozone Industrial Production Growth Surges in August

Eurozone Industrial Production Growth Surges in August

Euro zone's factory output increased significantly higher than anticipated at its highest rate in nine months in August, as the manufacturing of capital goods sharply rose.

According to data published by the European Union statistics office Eurostat, total output increased 1.4 percent in August on a monthly basis, and by 3.8 percent year-on-year.

The figures were significantly higher than the average estimate of a 0.5 percent month-on-month increase and a 2.6 percent annual rise by economists. The monthly rate is the biggest jump since November 26.

The July data also received an upward revision. From the preliminary reading of 0.1 percent month-on-month and 3.2 percent year-on-year, the estimate came in at 0.3 percent and 3.6 percent respectively.

Durable goods production also rose 1.3 percent in the month, indicating the the industry was anticipating increased consumer demand for expensive goods such as cars.

The strong data bodes well for the economic growth of the economic region in the second half of the year, as the rise in capital goods production by 3.1 percent in the month indicated businesses were spending.

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