Business growth in the euro zone accelerated unexpectedly in April, led by the service sector

Economic growth in the euro zone accelerated in April as a recovering services sector benefited from the easing of COVID-19 restrictions and helped offset a near-stall in manufacturing output.

The S&P Global Services Purchasing Managers’ Index rose to an eight-month high of 57.7 in April from 55.6 in March. However, the manufacturing PMI fell to a 16-month low of 55.3 from 56.5 in March.

Hiring figures also rose and business expectations for the coming year rose from March’s 17-month low, although confidence remained subdued as concerns over the Ukraine war, rising prices and the ongoing impact of the pandemic further dampened optimism, particularly in manufacturing Business. Chris Williamson, Chief Operating Officer, S&P Global Market Intelligence, said Friday.

Prices of goods and services rose at an unprecedented pace in April, while business costs rose again at near-record levels, suggesting inflation needs to rise further.

The S&P Global Eurozone PMI Composite Output Index rose to 55.8 in April from 54.9 in March, according to the preliminary “flash” read, signaling the strongest rate of expansion since last September and beating consensus expectations of an economic slowdown later in the month. The latest data generally suggests that GDP will expand at a solid quarterly pace of just under 0.7%. Business growth in the euro zone accelerated unexpectedly in April, led by the service sector

Brian Lowry

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