The services sector for the 18-bloc eurozone expanded in January, showing an improvement for the sixth month in a row, data from Markit Economics confirmed on Wednesday.
Eurozone’s final Purchasing Managers’ Index (PMI) for the services sector expanded by 51.6 points in January, slightly higher than the reading of 51 seen in the previous month and compared with analysts forecast of 51.9 points, the reports from Markit Economics confirmed.
The Eurozone’s final PMI Composite came in at 52.9 points in January, picking up from the previous month’s figures of 52.1 points.
“The final reading of the eurozone PMI was down slightly on the earlier flash reading but nevertheless signals a very encouraging start to the year. Companies are reporting the strongest growth of business activity for two-and-a-half years, putting the economy on course to grow by 0.5% in the first quarter if this pace is sustained,” Chris Williamson, chief economist at Markit said.
Earlier in the week, reports revealed that activity on the eurozone’s manufacturing sector came in at 54 points in January, compared to December’s figures of 52.7.
Germany
The figures for Germany’s services sector revealed the euro area’s strongest economy continued to expand in January for the eighth consecutive month, but came in below the previous month’s reading, marking the lowest in two month. Germany’s services PMI came in at 53.1 in January, compared to 53.5 seen in the previous month.
France
The French services PMI slightly picked up to 48.9 from December reading of 47.8 and above estimates.
Italy
Italy’s services sector showed an improvement in January, but still failed to climb to expansion territory. The country’s services PMI rose 49.44 points higher from 47.9 recorded in December and higher than analysts forecast of 48.9 points.
Spain
The Spanish services sector climbed in January, as the respective reading remained in the expansion territory for the third month in a row. The country’s services PMI came in at 54.9 points, compared to the reading of 54.2 seen in December.
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The services sector for the 18-bloc eurozone expanded in January, showing an improvement for the sixth month in a row, data from Markit Economics confirmed on Wednesday.
Eurozone’s final Purchasing Managers’ Index (PMI) for the services sector expanded by 51.6 points in January, slightly higher than the reading of 51 seen in the previous month and compared with analysts forecast of 51.9 points, the reports from Markit Economics confirmed.
The Eurozone’s final PMI Composite came in at 52.9 points in January, picking up from the previous month’s figures of 52.1 points.
“The final reading of the eurozone PMI was down slightly on the earlier flash reading but nevertheless signals a very encouraging start to the year. Companies are reporting the strongest growth of business activity for two-and-a-half years, putting the economy on course to grow by 0.5% in the first quarter if this pace is sustained,” Chris Williamson, chief economist at Markit said.
Earlier in the week, reports revealed that activity on the eurozone’s manufacturing sector came in at 54 points in January, compared to December’s figures of 52.7.
Germany
The figures for Germany’s services sector revealed the euro area’s strongest economy continued to expand in January for the eighth consecutive month, but came in below the previous month’s reading, marking the lowest in two month. Germany’s services PMI came in at 53.1 in January, compared to 53.5 seen in the previous month.
France
The French services PMI slightly picked up to 48.9 from December reading of 47.8 and above estimates.
Italy
Italy’s services sector showed an improvement in January, but still failed to climb to expansion territory. The country’s services PMI rose 49.44 points higher from 47.9 recorded in December and higher than analysts forecast of 48.9 points.
Spain
The Spanish services sector climbed in January, as the respective reading remained in the expansion territory for the third month in a row. The country’s services PMI came in at 54.9 points, compared to the reading of 54.2 seen in December.
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