Eurozone private sector growth accelerated to an 11-month high in April, led by the services sector, S&P Global's final survey results showed on Monday.
The HCOB comprehensive production index in April was 51.7, up from 50.3 in the previous month. The flash estimate was 51.4.
It has exceeded 50.0, the dividing line between growth and contraction, for two consecutive months. This improvement was driven exclusively by the services sector, while manufacturing production continued to decline.
New orders rose for the first time since May last year, data showed, as a sharp drop in demand for goods partially offset an increase in new orders. work At a service company.
Backlog of work was also a factor supporting higher production levels. Additionally, businesses were optimistic that activity would continue to increase over the next 12 months.
Companies have hired additional staff and extended the current job creation period that began at the beginning of the year. Furthermore, the growth rate was the fastest since mid-2023.
Turning to price data, the survey suggested stronger inflationary pressures. Input costs and output charges increased and exceeded their respective series averages.
HCOB services PMI in April rose to 53.3 from 51.5 in March. This exceeded the preliminary figure of 52.9. Overall, this increase represents the strongest expansion in service activity in less than a year.
Spain tops the list again economy The growth rate reached the highest level in a year. The comprehensive production index for April was 55.7, up from 55.3 the previous month. At the same time, the services PMI stood at 56.2, up from 56.1 in March.
Despite the economic slowdown, Italy recorded its fourth consecutive month of economic expansion. The overall index was 52.6, compared to 53.5 in March. Similarly, the services PMI fell to 54.3 from 54.6 in the previous month.
Germany and France increased for the first time in 10 and 11 months, respectively.
Germany's final HCOB composite production index, which suggests moderate growth, recorded a reading of 50.6, up from March's 47.7 and an initial score of 50.5.
The final services PMI rose to a 10-month high of 53.2 from March's 50.1, but was still slightly below the preliminary figure of 53.3.
France's final composite PMI for April was recorded at 50.5. This is up from 48.3 in March and preliminary figures of 49.9. The final services PMI rose more than expected to 51.3 from 48.3 in March. The initial score was 50.5.
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