Eurozone Business Activity Surges to Three-Year High Despite Energy Costs
Business activity in the eurozone accelerated to its fastest pace in more than three years in September, according to the S&P Global Flash Euro Zone Composite PMI output index. The index rose from 52.0 points in August to 53.1 points in September, surpassing economists' expectations of a decline to 51.7 points.
The reading above 50 points indicates an expansion in business activity, with growth recorded in all regions covered by the statistics. In Germany, Europe's largest economy, business activity grew strongly, although companies faced intensifying inflationary pressure. In France, the pace of growth became the highest in slightly more than two years due to a recovery in demand for services.
However, in the United Kingdom, which is not part of the EU, growth slowed in September amid intensifying inflationary pressure. New orders grew at the fastest pace in more than four years, supported by a further increase in exports, including trade within the currency bloc.