New data delivers more upbeat signs on the global outlook as the euro zone revises up its Q1 growth numbers, China reports stronger-than-anticipated trade and rising industry output points to an economic upswing in Germany. David Pollard reports.
They're the sort of numbers to give a central banker a lift on the day of an ECB policy meeting. Euro zone GDP revised up in Q1 to 0.6 per cent for the quarter, 1.9 per cent year on year. And on annualised basis, the bloc expanding at nearly twice the rate of the U.S. Whilst China, too, got a lift of a different kind -- its trade data for May also surprising to the upside. (SOUNDBITE) (English) CHIEF ECONOMIC ADVISER, CEBR, VICKY PRYCE, SAYING : "Exports are quite high. They are benefiting from what's going on in Europe and elsewhere. So we are in process where the interconnectivity and this globalization that the Chinese want to continue with is having quite a positive impact." Both exports and imports were above forecasts -- soothing worries raised by a Moody's downgrade on China last month. In Europe, Germany too put to bed concerns over its manufacturing. Production data shows output rose 0.8 per cent on the month in April, despite a weak set of orders. (SOUNDBITE) (English) GLOBAL FINANCIAL ECONOMIST, COMMERZBANK, PETER DIXON, SAYING: "The relative slowdown in some of the emerging markets has taken some of the the edge off strong German growth over the course of weeks and months. But overall, it's a strong, stable performance. And I think as a consequence that's acting as an anchor for other parts of the euro zone which are now starting to turn the corner as well." Which is the big hope for France. Though latest numbers there show its trade deficit widening in April as exports fell. If for the world's number two economy, it's the opposite problem. China's trade surplus edging up to 41 billion dollars for the month. Which could also edge up tensions with the world's number one, America.