Eurozone's services sector continues to expand in June
The Eurozone services sector activity continued to improve in June growing at the fastest pace in the last 15 years, IHS Markit revealed in its report published on Monday. The Final Eurozone Services Business Activity Index stood at 58.3, climbing from 55.2 registered in May and coming in above the flash estimate of 58.
The Final Eurozone Composite Output Index rose from 57.1 in May to 59.5 in June. The largest expansion was observed in Ireland, where the Composite PMI stood at 63.4, followed by Spain, whose index came in at a 21-year high of 62.4.
"Business is booming in the eurozone's service sector, with output growing at a rate unsurpassed over the past 15 years. Added to the impressive growth seen in the manufacturing sector, the PMI surveys suggest the region's economy is firing on all cylinders as it heads into the summer," Chris Williamson, a chief business economist at IHS Markit, stated.