The growth of the private sector in the euro zone economy gained momentum in June, reaching the maximum value of the last 49 months, despite the uncertainty surrounding the debt crisis in Greece.
According to the company, global financial information services Markit, the estimate of the Purchasing Managers Index composed of euro area reached 54.1 points in June, half a point above the 53.6 recorded in May.
A PMI index lower 50 points means contraction, while a higher indicates expansion of activity.
“Despite the clouds of the Greek debt crisis that threatens the region, (…) the value of the PMI points to a Product growth (GDP) of 0.4% in the second quarter and the recovery seems to have been widespread in the region as a whole, “said in a statement the chief economist at Markit, Chris Williamson.
The PMI index German reveals again strong growth, while in France, where recovery was immediate, recorded the best quarter after more than four months, says Williamson, adding that out of the Franco-German within the activity registered the highest quarterly growth past eight years. Employment recorded the highest growth since the third quarter of 2007.
The chief economist also indicates that the recovery observed in the second quarter should enable the euro zone recorded a GDP growth of 2% this year, underlining However, this forecast depends strongly on the solution that is found to the debt crisis in Greece.
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