Eurozone PMI

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Eurozone: PMI improves for second consecutive month

January 23, 2015

The flash estimate of the Markit Eurozone PMI Composite Output Index came in at 52.2 in January. The result was above the 51.4 recorded in December and overshot the 51.7 that market analysts had expected. The result marked a second consecutive improvement in the composite PMI—the result of a survey of over 5,000 manufacturing and services businesses. The index—which sits now at its highest level in 5 months—has been above the 50-threshold that signals a stable economic outlook for the past 19 months.

The acceleration was driven by stronger readings both for the manufacturing and services sectors—the manufacturing index, in particular, picked up to its highest level in six months. According to Markit, “[t]he Eurozone enjoyed a positive start to 2015, with the PMI survey signaling a strengthening in the pace of economic growth to the fastest for five months. The rate of expansion remains worryingly weak, however, with the PMI running at a level consistent with GDP rising at a quarterly rate of just 0.2%.”

At a country level, Germany’s composite PMI picked up from 52.0 in December to 52.6 in January, which represents the highest level since October. France’s composite PMI slowed from 49.7 in December to 49.5 in January. Meanwhile, the composite PMI for all the other countries came in at the highest level since July.

FocusEconomics Consensus Forecast panelists expect the economy to expand 1.1% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists expect the economy to expand 1.5%.


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Eurozone PMI Chart


Euro PMI January 2015

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: Markit


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