5/5, 10:00 AM (Source: TeleTrader)
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Eurozone services sector returns to growth in April

The Eurozone services sector activity returned to growth in April. The Final Eurozone Services Business Activity Index stood at 50.5, climbing from 49.6 registered in March and coming in above the flash estimate of 50.3.

The Final Eurozone Composite Output Index rose from 53.2 in March to 53.8 in April. The largest expansion was observed in Germany, where the Composite PMI stood at 55.8, followed by Spain's index at 55.2.

"April’s survey data provide encouraging evidence that the Eurozone will pull out of its double-dip recession in the second quarter. A manufacturing boom, fueled by surging demand both in domestic and export markets as many economies emerge from lockdowns, is being accompanied by signs that the service sector has now also returned to growth," Chris Williamson, chief business economist at IHS Markit, stated.

Breaking the News / NP