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6/3, 10:01 AM (Source: TeleTrader)
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Eurozone's services sector continues to grow in May

The Eurozone's services sector continued to expand its activity in May, with the Final Services Business Activity Index coming in at 55.2, slightly above analysts' projections, IHS Markit revealed in its report published on Thursday.

The Final Composite Output Index went up from April's 53.8 to 57.1, also exceeding expectations. The strongest growth in the sector's activity was observed in Ireland, Spain, and France, while the weakest net rise was reported in Italy.

"The Eurozone's vast service sector sprang back into life in May, commencing a solid recovery that looks likely to be sustained throughout the summer," Chris Williamson, Chief Business Economist at IHS Markit, said. "The service sector revival accompanies a booming manufacturing sector, meaning GDP [gross domestic product] should rise strongly in the second quarter."

Breaking the News / JR