Eurozone Growth Stands Firm Amid Global Unrest

The Eurozone's economic growth remains steady despite global unrest and concerns about its economy. In August, the composite PMI (Purchasing Managers' Index) rose to 52.1 from 52 in July. This indicates that the business economy is growing at a steady rate.

Manufacturing activity showed further acceleration, with the manufacturing output PMI increasing to 53.4, its highest reading in four and a half years. Services also remained robust at 51.7.

The impact of higher oil prices above $90 per barrel has been limited, with both input cost growth and selling price growth easing this month. This takes away some of the concerns about core inflation quickly rising due to the Middle East conflict.