04 November 2013 10:32 [Source: ICIS news]
LONDON (ICIS)--Eurozone manufacturing continued its recovery into the fourth quarter, according to data from financial information provider Markit Economics on Monday.
The finalised Markit manufacturing purchasing managers’ index (PMI) for October was 51.3, edging higher from 51.1 in September, signalling an improvement in overall operating performance for the fourth straight month.
On the PMI scale, anything below 50.0 signifies economic contraction. Anything above shows an expansion.
Growth came from a broad base with expansions signalled in all but two of the nations covered by the survey, with only France and Greece witnessing a deterioration in conditions. Rates of growth accelerated in Austria, Germany, Ireland and Spain, Markit added.
The data also show the rate of growth in output volumes was the second-strongest for almost two-and-a-half years, bettered only by that signalled in August.
Chris Williamson, chief economist at Markit said: “The eurozone manufacturing economy is undergoing its strongest growth period for two-and a-half years, since the mounting uncertainty caused by the escalating sovereign debt crisis hit businesses hard in 2011.
“While it is in some respects disappointing that the PMI has failed to show a steeper pick-up over the last two months, the recent growth revealed by the survey indicates a marked turnaround in the health of the manufacturing economy,” he added.
“While the survey was signalling a 2-3% annual rate of decline in industrial production earlier in the year, a 2-3% rate of expansion is now being indicated,” Williamson said.
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