Markit PMI: Eurozone economy picks up momentum in November led by Ireland and Spain
The Eurozone economy hobbled along at a moderate rate of growth in November, according to figures released this morning.
Markit's purchasing managers' index (PMI) for the Eurozone edged up to a four-month high of 54.2 in November, from October's 53.9. It was also slightly less than an earlier estimate of 54.4 published last week. Scores above 50 mean business activity has increased over last month, with higher scores marking faster growth.
The fastest growing Eurozone economy was Ireland, which scored a 60.2.
Of the big four Eurozone economies, Spain grew the quickest with a score of 56.2, while Germany's PMI hit an eight-month high at 55.2.
Italy's PMI rose to a three-month high of 54.3 and France's dropped to 51, implying its economy is near stagnation.
"Rates of expansion in output, new orders and employment all accelerating to be at, or close to, the fastest for fourand-a-half years," Markit said.
"The final PMIs for November suggest that the overall economic recovery might actually have gained a little pace," said Jack Allen, an economist at Capital Economics. The survey puts the economy on course to grow 0.4 per cent over the final three months of the year, slightly higher than the 0.3 per cent growth between July and September.
"Today’s data signal that the recovery is on track. But, the pace of recovery is anything but spectacular," said Clemente De Lucia, an economist at BNP Paribas.
While the Eurozone economy has recovered over the past 12 months, its growth is weaker than in its initial recovery from the recession in 2010.