"Modest growth" indicated for European economy

British investors may start to see a greater return on their Europe-based assets, according to a new survey.

Research by financial analyst Markit reveals that July saw an increase in activity in the manufacturing sector, which may be of interest to expats making international payments to fund their companies.

The firm measured the purchasing managers' activity, which looks at a range of criteria that can give an indication of a business's performance by calculating its rates of production and order numbers, amongst other variables.

Figures show that the index increased to 46.3 points last month, suggesting that the European economy is strengthening.

Howard Archer, chief european economist at market analyst Global Insight, said: "The sharp improvement boosts hopes that the eurozone could return to modest growth before the end of the year."

Meanwhile, a European Commission report recently highlighted the growing digital sector on the continent, stating it is likely to have a positive impact of the revenue of businesses in the area.

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By Linsey Summers