2024-05-06 21:06:44
Business activity in the eurozone grew in April at its fastest pace in nearly a year, according to the Standard & Poor’s Global Purchasing Managers’ Index (PMI), cited by Reuters and BTA.
The rise of the dominant services sector has been able to offset the ongoing decline in the manufacturing sector, the survey found.
In April, the index rose to 51.7 points from 50.3 points in March and was above the expected 51.4 points. It was the second month in a row that the index was above the 50-point mark that separates growth from contraction, and was at its highest level since May 2023.
“The services sector expanded for the third month in a row, ending the lack of momentum seen at the end of last year,” said Cyrus de la Rubia of Hamburg Commercial Bank.
The service sector index in April jumped to 53.3 points from 51.5 points in March. That was above expectations of 52.9 points and its highest level since May 2023.
A similar survey last week revealed that business activity in the manufacturing sector worsened in April, widening the gap between the two sectors.
In general, however, optimism for the year so far prevails, and the composite index of future production remains at the level of 61.6 percent, as it was in March.