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 percent. That was up on the previous month's 0.3 percent and ahead of expectations for a 1 percent 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 percent. The first estimate is due at the start of next month.