Industrial production in the Eurozone grew stronger than expected in June, according to official data released by Eurostat on Friday. This indicates a recovery in activity in the bloc’s manufacturing sector.

Production in the old continent rose 0.7% for the month, compared with an expected increase of 0.2% and 2.1% a month earlier. On a year-on-year basis, production in June rose 2.4% against an expected 0.8% increase and a 1.6% increase in May.

Despite the current situation in the global economy, this is quite a positive growth trend for the European economy. At the same time, no one is making accurate predictions for the future.

Industrial production in the Euro-area: implications for the currency

The common European currency remains on the sidelines of positive data on production. At the time of writing, the EUR/USD is trading down -0.16% intraday at 1.0300.

About Eurozone Production

The Eurostat Manufacturing output data published by Eurostat. It shows the volume of manufactured goods in factories and processing plants. A rise in the indicator strengthens EUR; a decline weakens it.

Earlier we reported that a ceiling on the price of a barrel of oil in Russia could be agreed at the global level.