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Eurozone Economic Output Cools to 10-Month Low

February 3, 2022 by Forex Winner Leave a Comment

Eurozone Economic Output Cools to 10-Month Low

Source: IHS Markit

The eurozone economic growth slowed to a 10-month low in January, dragged by the impact of the COVID-19 omicron variant. EZU is down 2.23%, while VGK is down 1.03% premarket.

  • The IHS Markit Eurozone PMI Composite Output Index stood at 52.3 in January, lower than the 53.3 in December. This is the weakest growth since March 2021.
  • The decline reflects a moderation in growth among services firms, as manufacturing output grew at a faster pace.
  • The fastest growth was recorded in Ireland, followed by Germany, which recorded a four-month low, and France, which saw a nine-month low.
  • Italy dropped to a 12-month low of 50.1, while Spain fell to an 11-month low of 47.9, below the 50 threshold that separates expansion from contraction.
  • Employment growth accelerated during the month, significantly higher than the historical average on the back of hiring by manufacturers.
  • The IHS Markit Eurozone Services Business Activity Index was recorded at 51.1 in January, lower than the 53.3 in the previous month.

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