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Eurozone stuck in slow growth rut at start of second quarter

Staff writer |
The eurozone continued to show only modest growth in April, according to the latest flash PMI data.

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The Markit Eurozone PMI dipped from 53.1 in March to 53.0 in April, according to the preliminary reading based on approximately 85-90% of normal monthly replies.

The PMI suggests the pace of economic growth at the start of the second quarter is marginally weaker than the average seen in the first quarter, and slightly slower than the average seen last year.

Only moderate growth was again seen in both manufacturing and services. In both cases the rates of expansion were just below the averages for the first quarter of 2016.

Growth of new orders improved to a three-month high, but was slightly below the average seen over the past year. Subdued rates of increase were signalled for both goods and services.

Similarly, employment growth picked up slightly in both sectors but remained subdued, meaning the overall increase failed to match the rate of job creation seen around the turn of the year.

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