The eurozone economy recovered sharply this month as easing restrictions on the coronavirus boosted the dominant services industry, but consumers had to deal with record price hikes.
As Omicron scans Europe, some governments have reintroduced measures to curb the disease, but with large sections of the population now vaccinated, those measures have eased.
IHS Markit’s composite PMI rose to a five-month high of 55.8 points in February from 52.3 points in January, well above the average of 52.7 points.
“The eurozone economy regained momentum in February as the easing of measures led to a resurgence in demand for many consumer services, such as travel, tourism and leisure, and helped alleviate supply chain problems,” said Chris Williamson. Chief Economist at IHS Markit.
The services PMI rose to 55.8 points from 51.1 points, to a five-month high and higher than estimates of 52 points.
The factories had another strong month with the manufacturing PMI falling from 58.7 points in February to just 58.4 points.
The index that measures production, strengthened to 55.6 from 55.4 points.
Source: Capital
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