Eurozone private sector growth accelerated at a slightly slower than initially estimated pace in November, final data from Markit showed Thursday.
The final composite output index rose to 54.2 in November from 53.9 in October, to stay above the no-change mark of 50.0 for the twenty-ninth successive month. It was below the flash score of 54.4.
Likewise, the services PMI improved marginally to 54.2 from 54.1 in October. The reading was below the initial score of 54.6.
“With the November PMI data we now have a reliable indication of fourth quarter economic growth, and the upturn in the PMI points to euro area GDP expanding by 0.4 percent on a quarterly basis,” Chris Williamson, chief economist at Markit.
Germany’s composite PMI climbed to 55.2 in November from 54.2 a month ago and stayed above the flash score of 54.9. The rate of growth in output was the strongest since March.
At the same time, the services PMI came in at 55.6, up from 54.5 in October. The reading came in line with flash estimate.
Meanwhile, the French private sector expanded at the slowest pace in three months in November.
The final composite PMI slid to 51 from 52.6 in October. The services PMI dropped to 51 from 52.7 in October. Both composite and services PMI readings for October were revised down from 51.3.
The material has been provided by InstaForex Company – www.instaforex.com