Eurozone’s Production Growth Highest in 31 Months

Written by | Monday, January 6th, 2014

Eurozone manufacturing sector logs the highest growth rate in 31 months. According to Markit Economics, the PMI, the Eurozone Composite Purchasing Managers Index, rose to 52.7 during last month of 2013 from its November’s 51.6. The company’s chief economist, Chris Williamson, said that a strengthening upturn in production is contributing to the recovery of the currency club, though France remains to be a sore point.
The latest figures show that there was a rise in manufacturing of more or less one percent in the last quarter of 2013. Mr. Williamson added that manufacturers are reporting an increase of new orders and exports, which makes the stage ready for a fresh start in the new year. It is hoped that in 2014 production will help boost the eurozone’s still fragile and insecure recovery.
Spain, Italy and Germany logged the most powerful increases in output since the beginning of 2011 but France’s output posted a sharp downturn including a significant fall in exports. Chris Williamson of Markit Economics thinks this phenomenon suggests that competitiveness is one of crucial things that the French manufacturing sector should care about. France’s output was the lowest in the last seven months, while even Greece logged a 52-month high economic output.
While growth resumed, the Eurozone’s unemployment rates remained stable in December, and job creation was marked only in Germany, Italy, and Ireland. Spain and Greece, in contrast, saw a slowing rate of job cuts, and in Austria and France joblessness increased.

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