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England marches on: Key Euro-area indices up despite Brexit vote

The euro-area economy maintained its momentum in August, with growth showing little sign of being curtailed by fallout of the UK's Brexit vote, Bloomberg reports.

A composite Purchasing Managers Index for the 19-nation region rose for a second month to 53.3 from 53.2 in July - above the 50 level that divides expansion from contraction and marks the best reading in seven months. The increase was driven by an improvement in services, while manufacturing activity slipped.



Said Copenhagen's Nordea Markets European analyst Holger Sandte said: "The PMIs suggest that growth still is more robust in the service sector than in manufacturing - a phenomenon that can be observed in many regions and that goes hand in hand with slow growth of global goods trade."



IHS Markit said its report shows the euro-zone economy remains on a "steady growth path", though it noted that inflation remains muted and services confidence dipped this month. It estimates GDP growth of about 0.3 per cent this quarter, similar to the average of the first half of the year.



"There are no signs of the recovery being derailed by Brexit uncertainty," said Markit economist Chris Williamson in London.
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