Services in the Eur ozone are also recovering.

May 5, 2021 0 Comments

Business activity in the Eurozone accelerated last month as the dominant services sector returned to growth.

Europe is being hit by the third wave of the pandemic, forcing some governments into new lockdown measures to curb the virus, but factories have remained open and the services sector has adapted.

The composite PMI rose to 53.8 points in April from 53.2 in March.

Estimates spoke of 53.7 points.

“Vaccination rates continue to pick up and some countries are easing restrictions. “So there is a good chance that Eurozone GDP will grow slightly in the second quarter,” said Jack Allen-Reynolds of Capital Economics.

The economy is expected to grow 1.5% in the quarter.

The services PMI rose to 50.5 from 49.6 points, compared to estimates for 50.3 points.

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