Eurozone factory output above estimates

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"It's really encouraging to see the increase in the overall rate of growth. It's a reassuring signal that the recovery is still on track. We are not losing momentum" 
- Chris Williamson, chief economist at Markit 

The fragile economic amelioration in the 17-nation bloc is ending the 2013 year on a high as data from the manufacturing sector came significantly stronger than expected, as always led by the region's powerhouse, Germany. The chasm between the two biggest economies, however, has widened further. A report from Markit showed the gauge of manufacturing activity, jumped to 52.7 in December, from 51.6 a month earlier. The composite PMI, which tracks activity across thousands of large and small businesses, jumped to 52.1 following a 51.7 in the preceding month. The level is the second-highest since mid-2011 and highly above the consensus forecast for 51.9. Earlier this month data showed German manufacturing recorded their best month since June 2011. On the other hand, French PMI hit almost a seven-month low. Moreover, new orders improved for the fifth month, with the corresponding index climbing to 52.2 from 51.8, pointing at a further expansion of the sector. On the back of positive data, Markit said the bloc's economy could expand by 0.2% in the final quarter. 

Another sign that suggests future stability for the Eurozone is the fact Angela Merkel presented Wolfgang Schaeuble in his post of German Finance Minister. Schaeuble already pledged to stick to the following course of actions in the future, and claiming the creation of banking union as the main priority. 

© Dukascopy Bank SA
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