facebook
twitter
rss
account
search
search
 

Eurozone economy slows further

Feb. 21, 2013 at 7:25 AM   |   Comments

LONDON, Feb. 21 (UPI) -- The slowdown in business in the eurozone slowed further in February, data firm Markit Economics indicated Thursday.

The Markit Eurozone Purchasing Managers' Index for the eurozone dropped from 48.6 in January to 47.3 in February, Markit's flash estimate indicates.

The break-even point in the index is 50, meaning falling further below 50 indicates a more severe slowdown.

The figures could be revised but the flash estimate for service-oriented firms slipped in February from January's 48.6 to 47.3, while the flash PMI for manufacturing firms dropped from 47.9 to 47.8.

Markit noted that business output rose in Germany, the largest economy in the eurozone, for the third consecutive month, although the gain was at a slower rate than previously. In contrast, Markit said, rates of decline accelerated in France, the second largest economy, and in the rest of the 17-member currency region as a whole.

"A steepening rate of decline in February is a disappointment and suggests that the eurozone is on course to contract for a fourth consecutive quarter in the first three months of the year," said Markit Chief Economist Chris Williamson.

"However, despite the fall in the PMI, the first quarter decline in the economy should be less severe than the 0.6 percent drop in GDP seen in the final quarter of 2012, with a contraction of 0.2-0.3 percent looking likely," he said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
3
CNN absent from the Dish Network lineup CNN absent from the Dish Network lineup
4
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
5
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
Trending News
Around the Web
x
Feedback