Eurozone growth hits four-year high

Will Green is news editor of Supply Management
29 June 2015

Economic growth in the eurozone hit a four-year high in June, according to a survey of buyers.

The Markit Flash Eurozone Purchasing Managers’ Index (PMI) posted a reading of 54.1 in June, based on around 85 per cent of the usual monthly responses, compared with 53.6 in May and against the no-change position of 50.

This was the highest reading for the index, a composite of PMIs across different sectors and countries, since May 2011.

However, uncertainty over the Greek debt crisis slowed order book growth and reduced optimism, while input costs rose on the back of higher oil prices and wage bills.

Chris Williamson, chief economist at Markit, said the PMI signalled GDP growth of 0.4 per cent for the eurozone in the second quarter.

“Despite the cloud of the Greek debt crisis hanging over the region, the eurozone saw economic growth accelerate to a four-year high in June,” he said.

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