Signs of economic pick-up in euro zone

[PARIS] Economic growth prospects have improved in key areas of the euro zone, the OECD's latest leading indicator publication said on Monday.

The leading indicator, designed to detect turning points in major economies, signalled stable growth in most big economies and signs of a pick-up within the euro zone in Germany, Italy and Spain, the Organisation for Economic Cooperation and Development said. "The CLIs (indicators) indicate stable growth momentum also in the OECD area as whole and in some of the major economies, including the United States, Canada, Japan, China and Brazil,"said the Paris-based OECD. "In the United Kingdom, the CLI points to an easing in growth momentum, though from relatively high levels." For India, the indicator flagged firming growth while in Russia it continued to point to a loss in growth momentum," the OECD said.

Versus a long-term average of 100, the aggregate euro zone reading in the latest monthly survey remained at 100.6. Among component economies, the reading turned up again in Germany after several months of decline, coming in at 99.7 versus 99.6 the previous month.

Italy's reading rose to 101.0 from 100.9.

For the OECD as a whole the index rose to 100.5 from 100.4, with the U.S. reading stable at 100.4. China's reading rose to 99.3 from 99.1 and India's to 99.4 from 99.3.

Russia's dipped to 99.4 from 100.0 while Britain's eased to 100.2 from 100.3.

REUTERS