Tuesday, 25 January 2011

Eurozone economy shows signs of acceleration

Even as Europe grapples with sovereign debt issues and austerity, the economy has continued to perform quite well.

Bloomberg reported on Monday that the eurozone economy accelerated at the beginning of 2011.

Europe’s services and manufacturing industries expanded at the fastest pace in six months in January, boosted by growth in Germany.

A composite index based on a survey of euro-area purchasing managers in both industries rose to 56.3 from 55.5 in December, London-based Markit Economics said in an initial estimate today. A figure above 50 indicates growth. Economists forecast a reading of 55.6, the median of 13 estimates in a Bloomberg News survey showed...

The euro-area manufacturing gauge declined to 56.9 in January from 57.1 the previous month, while the services indicator rose to 55.2 from 54.2, Markit said...

Eurozone industrial orders data reported by Bloomberg on the same day also point to acceleration in the economy.

European industrial orders increased more than economists forecast in November as Germany, the region’s largest economy, continued to fuel economic growth.

Orders in the euro area rose 2.1 percent from October, when they increased 1.4 percent, the European Union’s statistics office in Luxembourg said today. Economists had forecast a gain of 1.9 percent, the median of 14 estimates in a Bloomberg News survey showed. November orders jumped 20 percent from the year- earlier month, the data showed.

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