Eurozone PMI May 2017


Eurozone: Composite PMI steady at six-year high in May

May 24, 2017

Leading data suggest that the Euro area’s economic recovery remained strong in May. The preliminary Eurozone Composite Purchasing Managers’ Index (PMI), produced by IHS Markit, came in unchanged at April’s 56.8, the best result since April 2011. The result overshot market analysts’ expectations of a dip to 56.6.

May’s reading reflected the strongest job growth in over a decade as widespread optimism prevails among firms. Output expanded at the best pace in six years, although new order growth moderated slightly. Strong price pressures were noted across the bloc and selling prices for goods and services increased at a sharp rate. However, input cost inflation eased to a five-month low.

Regarding the two largest Eurozone economies, economic conditions improved in France and Germany, and the PMIs rested at multi-year highs. Elsewhere in the region, economic momentum waned slightly, but was healthy overall.

FocusEconomics Consensus Forecast panelists expect the Eurozone economy to expand 1.5% in 2017, which is unchanged from last month’s forecast. For 2018, panelists expect the economy to grow broadly steadily at 1.6%.

Author: Angela Bouzanis, Senior Economist

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Eurozone PMI Chart

Euro PMI May 2017

Note: Markit Purchasing Managers’ Index (PMI) Composite Output. A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction
Source: IHS Markit

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