Euro-area manufacturing and services continued to expand at the fastest pace in six years, powered by growth in the region’s two biggest economies — Germany and France.
A composite Purchasing Managers’ Index held at 56.8 in May, unchanged from the previous month, IHS Markit said on Monday, confirming a May 23 estimate. A gauge for services slipped slightly, while one for manufacturing that was published on June 1 remained unchanged.
“The final PMI readings add to mounting evidence that the euro zone is enjoying a strong second quarter,” said Chris Williamson, chief business economist at IHS Markit, adding that they point to a growth rate of 0.7 percent. “The outlook for the euro-zone economy therefore seems to be tilting to the upside.”