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Financial News: Eurozone Private Sector Logs Strongest Growth In 5

Eurozone Private Sector Logs Strongest Growth In 5 Months

02/05/2020 - 05:55:00 (RTTNews)

(RTTNews) - The euro area private sector expanded at the strongest pace in five months in January, final survey data from IHS Markit showed Wednesday.

The final composite output index rose to 51.3 in January from 50.9 in December. According to flash estimate, the index score was unchanged at 50.9.

The private sector expansion was again driven by the services economy during January, although growth moderated from December. Meanwhile, manufacturing output continued to fall, extending the current sequence of contraction to a full year.

The services Purchasing Managers' Index dropped to 52.5 from 52.8 in December. The flash estimate was 52.2.

The survey signaling a quarterly GDP growth rate of just under 0.2 percent, Chris Williamson, chief business economist at IHS Markit said. The Wuhan coronavirus meanwhile represents a new potential disruptor to business and trade.

"We consequently expect the eurozone to avoid recession in 2020 but to struggle to muster growth of 1.0 percent," Williamson added.

All nations covered by composite PMI data recorded an expansion in private sector output. Germany enjoyed its strongest performance for five months.

France and Spain recorded slower gains in output than in December, whilst Italy remained the weakest-performing despite recording its first expansion for three months.

Driven by strong growth in services and slower pace of decline in manufacturing, Germany's private sector expanded for the second straight month. The composite PMI climbed to 51.2 from 50.2 in December. The flash reading was 51.1.

The services PMI came in at 54.2 in January versus 52.9 in December. The latest reading was the highest since August and in line with preliminary score.

Meanwhile, France posted its slowest private sector growth in four months. The composite PMI dropped to 51.1 in January from 52.0 in December. This was below the flash 51.5.

The services PMI came in at 51.0 compared to 52.4 in December and the flash estimate of 51.7. The score signaled the softest growth since last April.

Italy's private sector logged a marginal growth, ending a two-month sequence of contraction. The composite output index rose to 50.4 in January from 49.3 in December.

The services PMI posted 51.4 versus 51.1 in December, signaling an eighth consecutive increase in services sector activity.

Spain's private sector growth softened to a three-month low in January. The composite PMI dropped to 51.5 from 52.7 a month ago.

The services sector continued to expand but the pace of expansion was the weakest since November 2013. The corresponding index came in at 52.3 versus 54.9 in the previous month.

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