Eurozone’s Nov PMI indicates fastest growth for 2016

According to a preliminary purchasing managers’ index (PMI) released by Markit Economics, the eurozone has posted the strongest economic growth of this year in November. The preliminary flash Markit Eurozone PMI was up to 54.1 from 53.3 in October. This reading marked the strongest output increase on a monthly basis since December 2015.

Across the region, Germany’s growth in business activity was slightly down but still above the low level seen in September. Germany’s service providers had the fastest growth since May.
According to the release, both manufacturing and service sectors grew at similar rates while the service sector posted the largest expansion of 11 months. Despite a slight decrease, the growth in manufacturing was still the second biggest so far this year on the back of the improved export sales.

Meanwhile, France posted the second best growth over the past year and the largest gain for one and a half year with the rise in new orders and employment. The largest growth was in the service sector while manufacturing also continued to grow on the back of the rise in exports, according to the index.