Euro zone industrial output up 1.2% in August

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The EU statistics office Eurostat has today revealed euro zone industrial output rose by 1.2% in August.

On an annual basis, meanwhile, industrial output grew by 5.3%. Both sets of figures beat economists’ forecasts.

On a regional basis, Germany, which is the euro zone’s largest economy, saw a monthly fall of 1% but was 7.8% higher on the year.

Ireland, which had to be bailed out last year, saw a rise of 4.4% on the month and a 10.1% year-on-year rise.

Today’s figures will ease fears that the 17-member nation is heading for a double-dip recession.

Last month, the European Commission warned that euro zone growth will almost grind to a halt in the second half of the year, as a result of the debt crisis.

Growth is expected to be hit as several euro zone nations having to reduce spending in order to slash debt levels.

However, the Commission is confident that there will not be a double-dip recession.

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