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Financial News: Eurozone Private Sector Growth Strengthens As Estimated

Eurozone Private Sector Growth Strengthens As Estimated

12/05/2017 - 05:12:00 (RTTNews)

(RTTNews) - Eurozone private sector growth accelerated as estimated in November, final data from IHS Markit showed Tuesday.

The composite output index rose to 57.5 from 56.0 in October. The score was unchanged from the earlier flash estimate.

The headline index has signaled expansion in each of the past 53 months. Growth was again led by a resurgent manufacturing sector.

Services activity also posted stronger growth in November. Business activity climbed at one of the greatest extents seen over the past six-and-a-half years.

The services Purchasing Managers' Index came in at 56.2, in line with flash estimate, versus 55.0 in October.

"Heading into 2018 the big questions will be how long this growth spurt can be sustained, and whether price pressures will rise," Chris Williamson, chief business economist at IHS Markit said.

Given the strength of order book growth and hiring, as well as the elevated level of business optimism, the eurozone should start the New Year on a solid footing, he added. "If survey data remain buoyant in December, expect to see 2018 growth forecasts revised higher."

The acceleration in economic expansion was broad-based, with pick-ups signaled in the 'big-four' nations. France stayed at the top of the growth rankings for the second month.

France's final composite PMI advanced to 60.3 in November from 57.4 in October. This was the highest in six-and-a-half years. The initial estimate was 60.1.

The services PMI posted 60.4 in November compared to 57.3 in October. This was above the flash reading of 60.2.

Rates of expansion hit two-month highs in Germany and Spain, and a four-month high in Italy.

Germany's composite output index improved to 57.3 from 56.6 in October but below the flash reading of 57.6. At the same time, the services PMI fell more-than-estimated to 54.3 from 54.7 a month ago. The initial reading was 54.9.

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