06 June 2013 14:12 [Source: ICIS news]
LONDON (ICIS)--An improvement in leading economic indicators signals that the eurozone is climbing out of recession, Raiffeisen Bank International (RBI) said on Thursday.
“Although growth in real gross domestic product is to remain negative in the second quarter in several countries – Italy, Spain and France – the broadly-based improvement in leading indicators suggests that also the crisis-stricken countries in the periphery will be able to overcome the recession in the foreseeable future,” Austria-based RBI unit Raiffeisen Research said in a note to investors.
The PMI covering the cyclical manufacturing industry in Germany improved by 1.3 to 49.4 points (on a PMI index, anything above 50.0 indicates growth), while for Ireland it rose 1.7 to 49.7, Raiffeisen Research said.
Recession-hit Spain – which gained 3.4 to 48.1 – and Italy, which rose 1.8 to 47.3, took “a big step towards our forecast of zero growth in the third quarter”, it added.
Raiffeisen Research also observed better sentiment in France – where there was an improvement of 1.9 to 46.4 – and Greece, which moved up to 45.3 from 42.1 in April.“Substantial improvement in the new order component, particularly in France, Italy and Spain, supports the prospect of further increases in the overall index in the coming months,” it added.
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