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Eurozone composite PMI declines in January: Markit

by ChemOrbis Editorial Team -
  • 25/01/2016 (11:29)
According to a composite purchasing managers’ index (PMI) compiled by Markit Economics, a combined measure of manufacturing and service output in the eurozone fell to a reading of 53.5 in January from December’s reading of 54.3. The slowdown in economic activities in the eurozone led some analysts to suggest that negative external factors are beginning to take their toll on the European economy. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

For the region’s main economies, Germany’s composite PMI declined to a preliminary reading of 54.5 in January from a reading of 55.5 in the previous month. According to Markit, France’s composite PMI climbed to 50.5 in January from a reading of 50.1 in December, but still remained below the levels recorded before the November 13 attacks in Paris.

Recently, the International Monetary Fund (IMF) cut their global growth forecasts. However, for the eurozone economy, the fund expects to see a growth rate of 1.7% in both 2016 and 2017, up 0.1% from earlier forecasts.

Previously, Eurostat data showed that the eurozone economy grew 0.3% in the third quarter owing to rising household spending. Economic growth slowed for the second consecutive quarter in the July-September period, although recent business surveys and confidence measures signal acceleration for the final quarter of 2015.
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