Eurozone economy enjoyed ‘best quarter in over 6 years’

Friday June 23, 2017
Written by The Associated Press
Jun. 23, 2017 - A closely watched survey shows that economic growth across the 19-country eurozone has slipped back in June to a five-month low but that the region still enjoyed its best quarter for more than six years.

Financial information firm IHS Markit says its eurozone composite purchasing managers’ index, a broad gauge of economic activity across the manufacturing and services sectors, fell to 55.7 points in June from 56.8 the previous month. Despite the decline, the index is way above the 50 level that marks expansion.

The firm also said that job creation remained at a near decade-high as order books and business confidence were strong.

Chris Williamson, IHS Markit’s chief business economist, said the survey is consistent with second-quarter growth of 0.7 per cent, higher than the first quarter's 0.6 per cent.

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