European stocks close: stocks closed higher as shares of banking sector rebounded and oil prices increased

Stock indices closed higher as shares of banking sector rebounded and oil prices increased. Oil prices rose on hopes that oil producers will cut their oil output.

Market participants eyed the economic data from the Eurozone. Eurostat released its GDP growth figures for the Eurozone on Friday. Eurozone's preliminary gross domestic product (GDP) increased by 0.3% in the fourth quarter, in line with expectations, after a 0.3% gain in the third quarter.

On a yearly basis, Eurozone's preliminary GDP rose by 1.5% in the fourth quarter, in line with expectations, after a 1.6% gain in the third quarter.

Eurostat released no details of the component breakdown of GDP.

In 2015 as whole, GDP increased 1.5%.

According to a separate Eurostat report, industrial production in the Eurozone dropped 1.0% in December, missing expectations for a 0.3% increase, after a 0.5% fall in November. November's figure was revised down from a 0.7% decrease.

On a yearly basis, Eurozone's industrial production fell 1.3% in December, missing expectations for a 0.8% rise, after a 1.4% increase in November. November's figure was revised up from a 1.1% gain.

In 2015 as whole, industrial production climbed 1.4%.

Destatis released its gross domestic product (GDP) growth for Germany on Friday. Germany's preliminary GDP gained by 0.3% in the fourth quarter, in line with expectations, after a 0.3% increase in the third quarter.

The increase was driven by domestic demand and capital formation. General government final consumption expenditure grew faster, while household final consumption expenditure increased slightly.

On a yearly basis, Germany's GDP rose to 2.1% in the fourth quarter from 1.7% in the third quarter, missing expectations for a 2.3% growth. The third's quarter figure was revised down from a 1.8% increase.

In 2015 as whole, the economy expanded 1.7%.

The Office for National Statistics (ONS) released its construction output data for the U.K. on Friday. Construction output in the U.K. climbed 1.5% in December, after a 1.1% drop in November.

The increase was driven by a rise in all new work. All new work increased 2.6% in December, while repair and maintenance fell 0.5%.

On a yearly basis, construction output increased 0.5% in December, after a 0.9% decrease in November.

In 2015 as whole, construction output jumped 3.4%.

Indexes on the close:

Name Price Change Change %

FTSE 100 5,707.6 +170.63 +3.08 %

DAX 8,967.51 +214.64 +2.45 %

CAC 40 3,995.06 +98.35 +2.52 %