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Financial News: Eurozone Private Sector Growth Remains Stable In August

Eurozone Private Sector Growth Remains Stable In August

09/05/2017 - 04:47:00 (RTTNews)

(RTTNews) - Eurozone private sector logged steady growth in August, final data from IHS Markit showed Tuesday.

The composite output index came in at 55.7 in August, matching July's reading but down slightly from the flash estimate of 55.8.

The services Purchasing Managers' Index slid to 54.7 from 55.4 in July. The flash score was 54.9.

"With such robust growth being sustained into August, the region is on course to see GDP rise by 2.1 percent in 2017, which would represent the best performance since 2007," Chris Williamson, chief business economist at IHS Markit, said.

Germany and Ireland were the only nations covered by the survey to see output growth accelerate in August. Although rates of economic expansion eased in France, Italy and Spain, they remained solid.

Germany's composite PMI rose more-than-estimated to 55.8 from 54.7 in July. The initial score was 55.7.

At the same time, the services PMI climbed to 53.5 from July's 10-month low of 53.1. It was the first month-on-month increase in the index since March. The score was slightly above the flash 53.4.

The French composite PMI fell to 55.2 in August. According to flash survey, the score held steady at 55.6. The final services PMI came in at 54.9 versus 56 in the prior month. The flash reading was 55.5.

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