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Figures released by the statistical office of the European Union (EU) showed that on a yearly basis, industrial production increased by two percent in the 19-member eurozone, Xinhua wrote.

The increase of 1.1 percent was due to production of durable consumer goods rising by 2.3 percent, capital goods by 1.9 percent, non-durable consumer goods by 1.6 percent, intermediate goods by 0.4 percent and energy by 0.3 percent.

Among member states, the highest increases in industrial production were registered in Ireland at 6.7 percent, with the largest decreases in Croatia at minus 2.8 percent.

Analysts said the latest figures signaled a strong start to the second quarter.

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Chinese and Russian banks are seeking to set up representative offices in the area, Farhad Taqizadeh-Hesari, senior adviser to Qeshm Investment and Development Co., said in an interview.

One of Japan's largest banks is also negotiating on establishing a presence, he said, declining to identify the banks, Bloomberg reported.

"The aim for this financial center isn't to look onto Qeshm, but to be a window onto the mainland." he said. "There is much interest to enter Iran."

Iran's economy has traditionally relied on oil revenue and consumption by the internal market. That market provides opportunities for retail banking and project finance as the country vies to overhaul its infrastructure and spend billions of dollars expanding airports, transportation links and its energy sector after the lifting of economic sanctions in January.

The International Monetary Fund expects Iran's economy to expand four percent in the 12 months to March 2017.

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