2017.10.1521:20:00UTC+00Eurozone Industrial Production Jumps in August

Industrial production across the eurozone climbed more than expected in August, highlighting the euro area's improving economic outlook.

The broad-range measure of the industrial sector increased 3.8 percent in August from the same month of the previous year, according to Eurostat. It was higher than the 3.6 percent hit in July, and also above the 2.6 percent forecast by economists in a FactSet survey.

There was also an upward revision of the July data, to 0.3 percent from 0.1 percent in the month and to 3.6 percent year-on-year from the 3.2 percent previously estimated.

The rise was the strongest in intermediate goods, which go on to be turned into completed products, arriving at 5.3 percent. Capital goods, or high-priced items bought by firms, reported a growth of 4.9 percent, which showed that businesses were investing.

Production of durable consumer goods, like cars, was also firm, increasing 1.3 percent in the month, showing industry was expecting high consumer demand for more expensive goods. Consumer durable and and non-durable goods both hit solid growth, as energy fell 0.7 percent.

Eurozone economic data have improved significantly this year. The bright trend has caused the European Central Bank to start outlining plans to unwind its aggressive monetary stimulus and has propelled the euro to gain further.