Eurozone ends the year with a whimper

Chris Papadopoullos
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THE EUROZONE continued to stagnate at the end of 2014, survey data suggests.

The services purchasing managers index (PMI) rose to 51.6 in December from 51.1 in November, according to figures released by Markit yesterday.

Any number above 50 indicates growth but 51.6 is very weak growth.

The Eurozone composite PMI which includes manufacturing and construction as well as services climbed marginally to 51.4 in December from November’s 51.1.

Despite the growth economists still expect the Eurozone economy to have stagnated in the final three months of the year.

Economists at Barclays expect the economy to have grown by just 0.1 per cent over that time. However, the malaise in the currency union has not stopped Ireland from staging a remarkable recovery. Ireland’s composite PMI scored 61.

Spain also continued its recovery registering a PMI f 54.3.

Italy and France, two of the largest Eurozone economies, both scored below 50.

The PMI for global growth suggest it slowed at the end of 2014. It dropped to 52.3 in December from 53.1 in November. Ireland and the UK lead the world in terms of service sector activity growth in December.

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