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
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