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Eurozone Services Growth at 11-Month High

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The rate of eurozone economic expansion accelerated to its highest in the year to date during November. This was highlighted by the final Markit Eurozone PMI® Composite Output Index posting 53.9, slightly below the earlier flash estimate of 54.1 but still the best reading since December 2015.

Growth of manufacturing production slowed slightly since October, but nonetheless expanded at a slightly faster pace than service sector business activity. Services output rose at the quickest rate in 11 months.

The strongest rates of increase were registered by Ireland and Spain, both of which saw growth accelerate (to three- and five-month highs respectively). However, simply by the virtue of its size, Germany contributed the greatest to the latest expansion, with the rate of increase little-changed from October.

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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.
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