Business activity in the eurozone exceeded forecasts

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In February, business activity in the eurozone increased to a maximum of 3 months. According to the IHS Markit, the composite PMI was 51.9 points, up from 51 points in January. The preliminary assessment of the index was at the level of 52.3 points. The services sector showed an increase in the index to 52.8 points from 51.2 points, which also turned out to be higher than the preliminary estimate of 52.3 points. Strengthening business activity contributed to the reducing influence of the protest movement of “yellow vests” in France, as well as the adaptation of the automotive sector to new standards for emissions to the atmosphere. Nevertheless, growth in activity is constrained by a slowdown in global economic growth, ongoing trade disputes and the approaching Brexit. In February, the private sector in the eurozone showed an acceleration in employment growth. Business sentiment in the region grew at a maximum pace in 5 months.

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