Eurozone manufacturing PMI slows in July
The decision of Britain to leave the European Union was cited as the reason behind the slower manufacturing PMI of the Eurozone. Britain has the second largest export market of the Eurozone. Therefore, it caused a concern about a drop in demand. The data showed that many eurozone members’ PMIs decreased.
Across the region, Germany’s manufacturing PMI recorded the strongest expansion at a reading of 53.8 in July. Economists estimated that Germany’s manufacturing PMI will grow more rapidly than the eurozone. Meanwhile, France’s PMI posted shrinkage at the level of 48.6. Italy has recorded the lowest measure in 18 months while Spain’s manufacturing PMI posted the lowest measure in 31 months.
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