Lagarde: The Eurozone economy recovers faster than expected

European Central Bank President Christine Lagarde said on Thursday that the euro zone economy is recovering faster than expected just six months ago, mainly due to a rapid vaccination campaign that has allowed large sectors of the economy to reopen. .

Lagarde added in a speech that the combined GDP of the 19 countries using the euro is now expected to return to pre-crisis levels by the end of the year, although the growth trend has not yet fully recovered.

Data showed that industrial production in the Eurozone was stronger than expected in July thanks to higher production of capital goods and non-durable consumer goods.

Eurostat claimed that industrial production in the 19 countries named in euro increased by 1.5% on a monthly basis in July and by 7.7% on an annual basis.

Data that surpassed expectations at the start of the third quarter came after the euro zone economy grew 2.2% in the second quarter as coronavirus restrictions eased to catalyze a recovery from a short recession.

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