Fri, Jun 09, 2023 @ 13:28 GMT
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Eurozone PMI composite finalized at 54.8, risks skewed to downside for coming months

Eurozone PMI Services was finalized at 56.1 in May, down from April’s 57.7. PMI Composite was finalized at 54.8, down from April’s 55.8, a 4-month low. Looking at some member states, Ireland PMI composite dropped to 4-month low at 57.5. France dropped to 2-month low at 57.0. Spain was unchanged at 55.7. Germany dropped to 5-month low at 53.7. Italy dropped to 2-month low at 52.4.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said: “Strong demand for services helped sustain a robust pace of economic growth in May, suggesting the eurozone is expanding an underlying rate equivalent to GDP growth of just over 0.5%. However, risks appear to be skewed to the downside for the coming months…

“The near-term fate of the eurozone economy will therefore depend on the extent to which a fading tailwind of pent-up demand can offset the headwinds of geopolitical uncertainty amid the Ukraine war, supply chain disruptions and the rising cost of living, the latter likely exacerbated by tightening monetary conditions.”

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