Eurozone: PMI for services slows to eight-month high

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Service activity strengthened in April, giving a new impetus to the Eurozone at a time when the manufacturing industry continued to slow down, according to data released today by S&P Global.

In particular, the S&P Global Eurozone PMI Composite Index for Services and Manufacturing rose to a seven-month high of 55.8 in April from 54.9 in March.

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The index for business activity in services climbed to an eight-month high of 57.7 points in April from 55.6 points in March. On Monday, S&P Global announced that the manufacturing PMI had slowed to a 15-month low of 55.5 points in April from 56.6 points in March.

“The eurozone economy has shown astonishing resilience in the midst of Russia’s war with Ukraine, thanks to the renewed momentum in the service sector as coronary heart disease measures eased even more during April,” Chris said. Williamson, chief economist at S&P Global. “Survey data show a quarterly GDP growth of around 0.7% at the beginning of the second quarter, having shown an increase of 0.4% in the first quarter,” he added.

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Source: Capital

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