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Eurozone composite PMI see fresh growth in March

by ChemOrbis Editorial Team -
  • 24/03/2015 (15:07)
Manufacturing and service output in the eurozone saw fresh growth in March, according to a preliminary composite purchasing managers’ index (PMI) compiled by Markit Economics. The composite PMI increased to a reading of 54.1 in March from a reading of 53.3 in the previous month, posting the highest level since early 2012, according to Bloomberg. Any reading above 50 indicates an expansion while any figure below 50 represents a contraction.

Economists commented that the recent figures indicate that the eurozone economy is showing signs of a revival on the back of lower oil prices, a weakening euro and firming confidence following the European Central Bank’s (ECB) new stimulus program, which is set to exceed €1 trillion while adding that the current momentum may be sustainable. It was also reported that new orders grew at the fastest pace since May 2011.

Among the region’s biggest economies, Germany’s composite PMI rose to a reading of 55.3 from a reading of 53.8 in the previous month to beat economists’ estimates, which called for a reading of 54.1. The country’s central bank stated today that the country’s current economic recovery will probably continue in line with stronger factory output on the back of improving domestic and foreign demand.

Meanwhile, in a separate report, Markit’s data showed that France’s composite PMI declined to a reading of 51.7 in March a reading of 52.2 in the previous month. The country’s manufacturing PMI increased to a reading of 48.2 from 47.6, but remained below 50, which signals modest economic growth for the first quarter of this year.
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