Eurozone PMI data is encouraging, economy is gathering momentum

Gelonghui, May 23 | Cyrusdela Rubia, chief economist of Hamburg Commerzbank, said that today’s Eurozone data couldn’t look better.

Gelonghui, May 23 | Cyrusdela Rubia, chief economist of Hamburg Commerzbank, said that today’s Eurozone data couldn’t look better.
The comprehensive PMI in May showed that the euro zone economy has grown for three consecutive months and is further gathering strength.
It\’s encouraging to see that new orders are growing at a healthy pace, and business confidence is reflected in a steady pace of hiring.
The European Central Bank also received some good news, as the inflation rate of input and output prices in the services sector has slowed compared with the previous month. This will support the European Central Bank to cut interest rates at the June meeting.
He believes that the euro zone is moving in the right direction.
Taking into account the PMI data in the GDP forecast, the Eurozone is likely to grow at a rate of 0.3% in the second quarter and put aside the specter of recession.
Growth was mainly driven by the services sector. The expansion of the services sector extended to 4 months.
Manufacturing is playing an increasingly smaller role as an economic stumbling block. Optimism about the industry\’s future output has grown further.
With all this said, GDP growth approaching 1% this year seems reasonable. There is even some upside risk.

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