Eurozone Economy Hits Near 6-year High: Survey
Sumaira FH Published January 04, 2017 | 03:40 PM
BRUSSELS, Jan 4 (APP - UrduPoint / Pakistan Point News - 04th Jan, 2017 ) : Eurozone business activity hit its highest rate since May 2011 in December but the outlook remains hostage to political developments, a closely watched survey showed Wednesday.
Data monitoring company IHS Markit said its report suggested the 19-nation eurozone economy was set for solid growth but nothing could be guaranteed as "political uncertainty dominates" -- an apparent reference to the election of Donald Trump and continuing turmoil over Brexit.
It said its December Composite Purchasing Managers Index came in at a final 54.4 points, up from November's 53.9 points. December was initially also given at 53.9 points. The PMI measures companies' readiness to spend on their business and so gives a good idea of how the underlying economy is performing.
Any reading above the boom-bust 50 points line indicates the economy is expanding.
IHS Markit chief business economist Chris Williamson said the December figures "signal an even stronger end to 2016 than the preliminary flash numbers, though whether this provides a much-needed springboard for the euro area's recovery to gain further momentum in 2017 remains very uncertain." "Much depends on political events over the course of the next year," Williamson said, without specifying what issues he was referring to.
He said the report pointed to economic growth of 0.4 percent in the last three months of 2016, up from 0.3 percent in the third and second quarters, supported by a weaker euro and the European Central Bank's unprecedented stimulus programme.
"The concern is that domestic demand is likely to remain subdued over the course of 2017 as political uncertainty dominates, resulting in another year of disappointing growth across the region as a whole," he added.
Related Topics
Recent Stories
PM Shehbaz asked to extend hand to Imran Khan, India
BISE Hyderabad to announce HSC-Il result exams on April 25
ARI calls for comprehensive measures to curb tobacco use
Sana named ICC Women’s T20 World Cup Qualifier ambassador
DWE extends training to 300,000 workers of 350 industries in twin city
Stone Lifter Martin Licis showcases skills at Haripur cultural sports competitio ..
WASA disconnects 144 connections of defaulters
Govt committed to double exports' volume in 5 years: PM
Dacoit killed during conflict with locals
Vietnam hails Gandhara Corridor project for cultural tourism promotion
Price Control Magistrates conduct crackdown against price hike
14 stolen bikes recovered, gang leader arrested
More Stories From World
-
N. Macedonia starts elections that could decide stalled EU talks
33 minutes ago -
Haaland ruled out of Man City's crucial trip to Brighton
33 minutes ago -
Four dead as floods wreak havoc in Kenyan capital
33 minutes ago -
Thousands in heatwave-hit Bangladesh pray for rain
1 hour ago -
EU urges probe into reported mass graves at Gaza hospitals
1 hour ago -
Gucci owner Kering's shares sink after profit warning
1 hour ago
-
Extreme heat scorches Southeast Asia, bringing school closures and warnings
1 hour ago -
Ambassador Hashmi greets China on Space Day
2 hours ago -
Mass cancellations loom despite French air union calling off strike
2 hours ago -
Record-breaking London stocks spearhead global rally
2 hours ago -
'City Hunter' manga hero drops the sexism for new live-action film
2 hours ago -
Russian deputy defence minister held over bribery accusations
2 hours ago