EUROZONE DATA
The release notes that the Eurozone ex-Germany and France saw the strongest pace of output expansion in May, consistent with the wider trends in growth seen through 2024.
Key notes from the release:
- “The overall expansion in output was again driven by the service sector, where activity was up for a fourth consecutive month”,
- “The rise in overall new orders was limited by demand weakness in international markets. New export orders decreased for the twenty-seventh successive month, but here too the pace of decline softened and was only modest”.
- “The strongest expansion was again seen in the rest of the eurozone, where output increased at a marked pace that was the fastest since April 2023”.
- “In line with the picture for output and new orders, the rise in staffing levels was centred on the services sector, with manufacturing employment continuing to fall”.
- “The service sector was the principal source of inflationary pressure, with input costs rising rapidly”.
- “A slower increase in services charges was partially offset by a weaker reduction in manufacturing selling prices. Softer output price inflation was seen across Germany, France and the rest of the eurozone”.
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