(RTTNews) - Tuesday, a closely watched survey found that economic sentiment improved in Germany. Elsewhere, official data showed German producer prices recorded fastest year-on-year increase since October 1981.

Eurozone

A monthly survey from the Centre for European Economic Research, or ZEW revealed that the German economic sentiment indicator for August improved 8.4 points to minus 55.5 points. Economists had expected the index to improve to minus 61.8 from July’s minus 63.9. However, the indicator stood well below its historical average of 28.3 points. The assessment of current economic situation deteriorated after the recent decline of the GDP. The indicator slid 26.2 points to minus 9.2 in August. Economists had expected a reading of plus 10.

Meanwhile, the Eurozone economic expectations moved up 8 points to minus 55.7 in August, while the current situation index dropped 18.9 points to reach minus 22.2 points.

Elsewhere, the Federal Statistical Office said in a report that the Producer Price Index, or PPI rose 8.9% year-on-year in July, faster than the 6.7% growth recorded in June. The latest rise in the producer price inflation was the highest since October 1981, when prices were up 9.1%. Producer prices in July rose more than the 7.5% expected by economists. On a monthly basis, producer prices increased 2% in July, quicker than the 0.9% rise recorded in June. Economists had expected the monthly growth to slow to 0.7% in July.

The Statistics Austria reported that the industrial PPI rose 3.5% in June, faster than 2.7% rise recorded in May due to higher energy prices. A year ago, producer prices were up 2.6%. Month-on-month, the PPI climbed 0.8% in June versus 0.4% increase in the prior month.

The Bank of Greece revealed that the country’s current account deficit narrowed to EUR2.958 billion in June from EUR3.29 billion deficit in May. Compared to the previous year, the June deficit was an increase of EUR471 million.

Elsewhere, the General Secretariat of the National Statistical Service of Greece said in its preliminary report that industrial new orders increased 10.9% year-on-year in June, quicker than revised 8.1% rise seen in May. A year ago, industrial new orders had decreased 8.9% in June. Annual growth for May was revised from 8% reported earlier.

In a separate communiqu�, the statistical office announced that the industrial turnover index surged 16.8% year-on-year in June, a bigger growth compared to May’s 13.4% rise. In the year-ago period, the industrial turnover index had fallen 3.3%.

According to the Central Bureau of Statistics, Dutch retail sales growth slowed to 2.3% annually in the second quarter from 3.2% recorded in the first quarter. Meanwhile, retail prices showed an annual increase of 2.3% in the second quarter and volume edged up 0.1%. In June, retail trade unexpectedly declined 3.9% year-on-year, reversing the revised growth of 7.7% in May. Economists were expecting an annual increase of 3.5% for June. Retail prices registered a stable growth of 2.5%, while volume dropped 6.2%.

In its provisional report, the Statistical Office of the Republic of Slovenia said that the registered unemployment rate was 6.4% in June compared to the 6.5% recorded in May. The number of registered unemployed persons stood at 60,710 in June. In June, the number of employed people climbed to 882,028 from 879,616 in May, showing an increase of 0.3%.

Rest of Europe

The Royal Institution of Chartered Surveyors, or RICS said the number of properties coming for rental accommodation in the UK during three months to July increased at the fastest pace in the survey history.

Large numbers of homeowners were unable to sell their properties and opted to rent as they found that becoming a landlord is profitable option with rising rents. According to the survey, 43% more surveyors said an increase in the number of landlord instructions in three months to July compared with 30% in the prior quarter. Further, around 37% more chartered surveyors reported a rise than a fall in new tenant lettings in three months ended July. Meanwhile, many potential buyers had been forced into rental accommodation as they found it difficult to get a mortgage.

In Hungary, the Central Statistical Office said the average gross monthly earnings of full-time employees rose 9.7% year-on-year in June, slightly faster than 9.6% increase recorded in May. Similarly, the average net monthly earnings grew 8.3% over the previous year. In May, the annual growth stood at 8.2%, revised down from an earlier estimate of 8.4%.

Separately, the statistical office reported that the volume of construction activity declined 8.1% year-on-year in June compared with a revised decline of 7.1% decline in May. On a working day adjusted basis, volume of construction activity decreased 9% in June. Month-on-month, construction output slid working day and seasonally adjusted 5.4% in June, following a revised fall of 0.8% reported in May.

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