"Breathtaking" for the Eurozone Economy - Expands at the Fastest Pace in More Than Two Years
The eurozone economy expanded at its fastest pace since May 2023 in October, breaking the pattern of slower growth seen earlier this year. Activity in the services sector accelerated and demand conditions improved, a survey showed.
The Eurozone Purchasing Managers' Index, compiled by S&P Global, rose to 52.5 in October from 51.2 in September, marking the 10th consecutive month of growth and reaching its highest level in 29 months. Values above 50 indicate an increase in activity.
"Finally, there is something positive to report about the eurozone economy. The services sector saw steady growth in October. As for new business, you have to go back to May of last year to find such strong expansion," sector analysts say.
New business volumes expanded at the fastest pace in two years, driven largely by the services sector, while manufacturing orders were flat. Service providers increased their activity index to 53.0 from 51.3 in September, reaching a 17-month high.
Spain led the rankings with an index of 56.0, its best performance in 10 months, while Germany's economy showed unexpected strength with a rise to 53.9, the highest reading in almost two and a half years. Italy and Ireland also posted solid expansions, at 53.1 and 53.7 respectively. France remained the only major eurozone economy in contraction territory, with the index falling to an eight-month low of 47.7.
"Paris is clearly holding back eurozone economic growth. Even when we exclude Germany and France, indices for the rest of the eurozone show the strongest expansion in more than two years," the experts add.
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