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Financial News: Eurozone Factory Activity Growth Near 6-Year High

Eurozone Factory Activity Growth Near 6-Year High

04/03/2017 - 04:24:00 (RTTNews)

(RTTNews) - Eurozone factory activity grew at the fastest pace in almost six years in March, as initially estimated, final data from IHS Markit showed Monday.

The factory Purchasing Managers' Index rose to a 71-month high of 56.2 in March, in line with flash estimate, from 55.4 in February.

The average PMI reading over the first quarter as a whole was 55.6, the highest since the opening quarter of 2011.

"Eurozone manufacturing is clearly enjoying a sweet spell as we move into spring, but it is also suffering growing pains in the form of supply delays and rising costs," Chris Williamson, chief business economist at IHS Markit, said.

National PMI data signaled that growth was centered on a solid core of Germany, the Netherlands and Austria. France also saw a sharper pace of improvement.

Germany final Markit/BME manufacturing PMI grew, as initially estimated, to 58.3 from 56.8 in February. The indicator has climbed for the fourth straight month and signaled the strongest growth in business conditions since April 2011.

The France's factory PMI rose to 53.3 in March from 52.2 in February. But the score was slightly below the flash estimate of 53.4.

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