Eurozone manufacturing rallies fast: market data
(BRUSSELS) - Private sector manufacturing across the eurozone posted the fastest growth for a decade in April, according to data and research group Markit on Thursday.
Business activity right across the eurozone economy rose, with the purchasing managers' index (PMI) for the 16 countries which share the single currency, compiled by Markit, up to 57.3 points from 55.9 points in March, the highest level since August 2007, the researchers said.
Any score above the 50-point line indicates economic growth.
The rate of growth for the specific manufacturing index hit its highest level since June 2000, Markit added.
"The eurozone recovery remains firmly on track as we move into the second quarter, with the PMI data soaring above expectations and challenging the pessimistic-looking consensus forecast of a 0.4 percent rise in GDP," said Markit chief economist Chris Williamson.
"Manufacturers are showing the best performance for 10 years, with the PMI signalling near-double digit annual growth, and the recovery is also gaining momentum in services.
"Job losses have almost halted as a result, but an unwelcome side-effect is a sharp increase in inflationary pressures, particularly in manufacturing," he warned.
Text and Picture Copyright 2010 AFP. All other Copyright 2010 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.