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Eurozone PMI at 20-month low thanks to Germany, Italy and Spain

Staff Writer | October 7, 2016
The rate of economic expansion across the eurozone eased to a 20-month low in September.
Eurozone manufacturing
Europe   Markit Eurozone Composite PMI
Growth slowed in Germany, Italy, Spain and Ireland to offset a mild acceleration in France. The final Markit Eurozone PMI Composite Output Index posted 52.6 in September, down from 52.9 in August and matching the earlier flash estimate.

The average index reading during the third quarter as a whole (52.9) was the weakest since the final quarter of 2014.

By sector, output rose at manufacturers and service providers. The rate of expansion in manufacturing production ticked higher and remained above that for service sector business activity for the fourth straight month.

Services output growth dipped to a 21-month low. Ireland and Spain registered the fastest expansions of economic output, despite the rates of increase easing to 39- and two-month lows respectively. Italy saw growth slip to a four-month low.

France was the only one of the ‘big-four’ nations to signal an accelerated increase in economic output in September.

The improvement in France took its pace of expansion to a 15-month high and, with growth slowing to a 16-month low in Germany, took it close to that signalled for Germany.