Data shows a boost for Eurozone economies

By GENN

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Recent economic data has provided some much-needed encouragement for major eurozone economies, however that is not case for every country. The eurozone’s largest economy, Germany saw exports climb 4.7% in July, a third consecutive increase.

In Italy the Finance Minister Roberto Gualtieri has revealed that output is expected to increase greater than the current financial plan which forecasted a 9.5% expansion. This positive news is made clearer when forecasts compiled by Bloomberg registered a 7.9% median rise.

On Tuesday data in France showed that the economy is forecast to grow 17% in the next three months though the yearly expectation remains a contraction of 9%. The government in France has stepped up its support for the economy with a €100bn package that aims to return the economy to pre COVID-19 levels by 2022.

Spain saw a decline in its service sector in August according to Markit’s Purchasing Managers’ Index which recorded a fall from 51.9 in July to 47.7. This ended a two month recovery and is compounded by another recent survey that showed a separate decline in manufacturing.

On the subject of economic recovery next Wednesday Germany’s leading business association, the DIHK, will be hosting a webinar on the ‘role of nodes, networks and global supply chains as we emerge from economic crisis.’ GENN chairman Shanker Singham will be offering his insights on this important subject.

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