The eurozone has grown at its fastest rate since the eruption of the debt crisis five years ago, underscoring a brighter outlook after elections that eased fears of a populist political threat.

Quarterly eurozone GDP growth accelerated from 0.5 per cent to 0.6 per cent in the three months to June, compared with the same period in 2016. The performance helped to drive year-on-year expansion from 1.9 per cent to 2.1 per cent — the highest rate since the second quarter of 2011.

Separate figures from a business survey showed the eurozone’s manufacturing sector is in the grip of a jobs boom. Factories in France are hiring at their best pace since 2000 and in Spain at a rate not seen since before the start of monetary union in 1998, according to IHS Markit’s purchasing managers’ index.