Eurozone’s economic growth rebounded in February to reach its strongest growth rate since last September.
- After falling in January to an 11-month low, the euro area composite PMI jumped to 55.5 in February from 52.3 in the prior month.
- Growth was strong across both manufacturing and services sectors, with a significant recovery in services supporting the recovery in growth at the composite level.
- The eurozone services PMI jumped to 55.5 in February from 51.1 in January, pointing out to the strongest expansion in services output in three months.
- The easing of Covid-19 restrictions pushed for a rival in spending on consumer-facing services. Demand growth surged and hiring was improved as firms posted brighter prospects.
- Chris Williamson, chief business economist at IHS Markit stated that survey data for February signaled that the Eurozone economy was regaining robust growth pace before the invasion of Ukraine.
Meanwhile, business continued to be hampered by supply-chain constraints and labor shortages.
Euro Stoxx 50 down -0.20, EUR USD down -0.33%
Source: IHS Markit