(Teleborsa) – The rate of economic expansion in the Eurozone marked an increase at the beginning of the third quarter. This was recorded by the Markit PMI Composite Production Index in the final Eurozone which, reaching 53,2 points in July, hit a six-month high, surpassing the previous flash estimate of 52,9. There are 37 consecutive months in which the index marks an expansion.
“The welcome hike in the trailing PMI provided a slightly better picture than the previous flash estimate portrayed, and it is
very encouraging as it indicates that in general the British vote on Brexit has not had a major impact on the Eurozone” commented Chris Williamson, Chief Economist at Markit.
While the latest data signaled a stable and strong rate of expansion, national data suggest an uneven increase. The recovery was driven by the wave of growth experienced in Germany (at 55,3 points, a maximum in 7 months), which recorded an expansion rate of 0,5 points. However, the stagnation of France continues (50,1 from 50), acting as a brake engine for the entire region. Growth also slowed in Spain (53,7 32-month low) and Italy (52,2 2-month low), indicating how much political uncertainty in both cases is negatively affecting business.
As for the Eurozone services PMI, it rose to 52,9 in July from 52,8 in June. The PMI services index for Italy in July rose to 52 in July from 51,9 in June. Markit's PMI services index for Germany rose to 54,4 in July from 53,7 in June.
