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Eurozone economy maintains growth momentum in August

Staff Writer |
The 19-country Eurozone maintained growth momentum during August as survey data showed business activities expanded at a solid pace.

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The single currency zone's manufacturing purchasing managers' index (PMI) posted 55.8 in August, up fractionally from July's reading of 55.7, according to the preliminary flash estimate of Markit.

The index, well above the 50 boom-and-bust line, again signaled strong growth of the Eurozone's private sector, with the rate of expansion remaining around the best seen over the past six years.

The manufacturing sector performed strongly, with both output and new orders rising at sharper rates in August. The latter was boosted by the fastest rise in exports for six-and-a-half years, said Markit.

The service sector, on the other hand, saw growth of activity ease to a seven-month low. That said, the rate of expansion remained solid amid a further increase in new orders.

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