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Financial News: Eurozone Private Sector Growth Near 12-Year High

Eurozone Private Sector Growth Near 12-Year High

02/05/2018 - 04:18:00 (RTTNews)

(RTTNews) - The euro area economy expanded at the fastest pace pace since mid-2006 in January, final data from IHS Markit showed Monday.

The final composite output index rose more than initially estimated to 58.8 in January from 58.1 in December. The flash score was 58.6.

The headline index has signaled expansion for 55 successive months and the latest score was the highest since June 2006.

"If this level is maintained over February and March, the PMI is indicating that first quarter GDP would rise by approximately 1.0 percent quarter-on-quarter," Chris Williamson, chief business economist at IHS Markit, said.

Economic output expanded at solid rates across the nations covered by the survey. France moved to the top of the growth rankings.

France's composite PMI remained unchanged at 59.6, which was slightly below the flash 59.7. The services PMI rose marginally to 59.2 from 59.1 a month ago. The preliminary estimate was 59.3.

Germany's final composite PMI came in at 59.0 versus 58.9 in December and the flash 58.8. Likewise, the services PMI improved more than estimated to 57.3 from 55.8 a month ago.

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