Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Online movement demands peace in Gaza

Read more

BUSINESS DAILY

Apple aims to satisfy China's hunger for smartphones

Read more

DEBATE

MH17: Punishing Putin? (part two)

Read more

DEBATE

MH17: Punishing Putin?

Read more

MEDIAWATCH

Competing narratives in Malaysia Airlines disaster coverage

Read more

AFRICA NEWS

Kenya : Police arrest 8 over Mombasa rampage

Read more

FOCUS

Overfishing and the global appetite for bluefin tuna: can Tokyo turn the tide?

Read more

MEDIAWATCH

Too many graphic images from Gaza ?

Read more

FASHION

Who's next in Paris, an event with international ready-to-wear and fashion accessories collections

Read more

  • Netherlands to honour MH17 victims in national day of mourning

    Read more

  • Defying UK, France to proceed with warships sale to Russia

    Read more

  • Israel hits Gaza targets despite diplomatic push for ceasefire

    Read more

  • US courts issue conflicting reports on Obamacare

    Read more

  • Video: Lebanon fears fallout from regional turmoil

    Read more

  • Widodo wins Indonesian presidential election

    Read more

  • Flight MH17 shot down ‘by mistake', US intelligence indicates

    Read more

  • US, European airlines suspend flights to Tel Aviv

    Read more

  • Australian veteran Rogers claims 16th stage of Tour de France

    Read more

  • France gives go-ahead to pro-Palestinian Paris rally

    Read more

  • French Jews mourn French-Israeli soldier killed in Gaza

    Read more

  • PSG punished by UEFA for abuse of disabled Chelsea fans

    Read more

  • Colombia's Rodriguez signs '€80m' contract with Real Madrid

    Read more

  • Children killed in minibus crash in eastern France

    Read more

  • A call for harmony in riot-hit ‘Little Jerusalem’ Paris suburb

    Read more

Business Europe

New data signals Eurozone recession may be over

Text by News Wires

Latest update : 2013-07-24

A survey released today found that Eurozone businesses had returned to growth in July for the first time in 18 months. Experts say that this could be an indicator that the recession is drawing to an end.

Private business across the eurozone returned to growth in July for the first time in 18 months, a key survey indicated on Wednesday, possibly signalling an end to recession.

The Markit Eurozone Composite Purchasing Managers Index logged 50.4 points, above the 50-mark signalling growth, and a bigger-than-expected rise according to analysts after posting 48.7 points in June.

The survey, which had been in negative territory since February 2012, is closely watched as a leading indicator of activity, and economists said cautiously that this could be a sign that recession was on the wane.

The fourth monthly rise in a row overall was also marked by a two-year high logged in the manufacturing sector, which recorded 50.1 points, up from 48.8.

The rate of job losses eased, Markit said, while the feedback from star economy Germany showed rising output there at a five-month high.

Taken together, the data provides a "summer filip to policymakers," in the words of Markit chief economist Chris Williamson.

He added: "The best PMI reading for one-and-a-half years provides encouraging evidence to suggest that the euro area could -- at long last -- pull out of its recession in the third quarter."

While manufacturing led the revival, Williamson also highlighted "promising signs of stabilisation in the service sector, which hints at some much-needed upturns in domestic demand."

Services logged 49.6 points, up from 48.3.

While cautioning that there have been "false dawns" before, Ben May of London-based Capital Economics said the eurozone economy appeared to be "on the mend and might perhaps soon exit recession."

(AFP)

 

Date created : 2013-07-24

  • EUROZONE

    Eurozone unemployment hit record high in May

    Read more

  • FRANCE

    'Eurozone crisis is over,' Hollande tells Japan

    Read more

  • ECONOMY

    Eurozone jobless rate expected to hit 20 million

    Read more

COMMENT(S)