In the eurozone, the economy picked up speed again in the spring and made its way out of recession. In the second quarter, economic output rose by 2% quarter-on-quarter, according to an initial estimate by the statistics office Eurostat on Friday. Experts had expected an average increase in gross domestic product of 1.5% for the months of April to June.

In the winter half-year, measures to contain the pandemic still had a negative impact on the economy. In the first quarter, the economy in the single currency area contracted by 0.3% quarter-on-quarter and by 0.6% in the final quarter of 2020. When the economy shrinks for two consecutive quarters, economists speak of a recession.

The four largest economies in the eurozone grew more or less strongly in the spring. Among the top 4, the Spanish economy gained the most momentum - with growth of 2.8%. The Italian economy grew at a similar rate of 2.7%, while growth in the German economy was weaker at 1.5% and in France at 0.9%.

Sentiment among industrial companies gloomy

The mood among industrial companies in the eurozone deteriorated somewhat in July following a record high. However, the dampener was not as strong as expected. The IHS Markit Purchasing Managers' Index fell by 0.6 points to 62.8 points, as the research company announced on Monday following a second estimate. In June, the indicator had risen to 63.4 points, the highest level since the survey began in June 1997.

In the first estimate for July, Markit had reported a slightly lower value of 62.6 points. Despite the dip, the index has been above the so-called growth threshold of 50 points for 13 months. Values above this mark are an indication of growth in economic activity, values below indicate a contraction.