Eurozone Business Growth Exceeding UK Peers

Businesses across the euro zone started the second half with robust growth, outpacing British counterparts which are struggling to regain momentum as consumers keep their hands in their pockets, surveys showed.

Signalling the bloc’s positive readings could continue into August, new orders rose, backlogs of work were built up and firms increased headcount. But British services firms’ expectations for the year ahead were among the weakest since late 2012.

“We are expecting growth to be a little stronger in the second half than in the first in the UK, whereas in the euro zone we are expecting it to be a little weaker,” said Ben May at Oxford Economics.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.