Eurozone economy expands slowly
Print Edition
The eurozone economy is only expanding slowly, according to surveys yesterday that showed the rate of growth eased unexpectedly in the private sector this month, although globally, factories in China ratcheted up production.
“We’ve seen over the last several months a significant improvement in the business indicators for the advanced economies, but they are still not at particularly high levels by historical standards,” said Andrew Kennigham, senior global economist at Capital Economics.
“These numbers are suggesting the improvement may be beginning to tail off.”
Markit’s eurozone Flash Composite Purchasing Managers’ Index fell to 51.5 from September’s two-year high of 52.2, below all forecasts in a poll that predicted an uptick to 52.5.
The survey showed the region’s economic recovery is taking root — readings above 50 denote growth — slowly.
Yesterday’s index, based on surveys of thousands of companies across the region and seen as a good guide to economic growth, points to a 0.1-0.2 percent expansion this quarter, similar to a poll taken earlier this month, Markit said.
“We expect the eurozone economy to remain on a recovery path, but today’s weaker-than-expected PMI reading reinforces the view that it will likely be a sluggish and bumpy recovery,” said Martin van Vliet at ING.
Eurozone growth is only seen tepid at best through to at least 2015, having escaped from recession in the second quarter of the year thanks to strong growth in Germany.
This month factories in Germany again stepped up a gear as expected, the PMI survey showed, although the country’s service industry saw a surprising fall in the pace of growth.
And the situation was bleaker across the border in France where manufacturing activity declined at a faster pace and services expansion stopped.
That meant the pace of growth in the eurozone’s dominant service sector eased dramatically, with the PMI falling to 50.9 from 52.2. It had been expected to nudge up to 52.4 and was below all forecasts in a Reuters poll.
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