The eurozone economy revived in August, driven by a recovery in the services sector.
S&P Global and Hamburg Chamber of Commerce (HCOB) have announced the Eurozone’s composite and services sector Purchasing Managers’ Index (PMI) data for August.
Accordingly, the Eurozone economy grew at its fastest pace in the last three months in August.
The private sector in the euro area grew strongly, driven by the rapid recovery in service activities.
The composite PMI, which was at 50.2 in July, rose to 51 in August. Thus, the composite PMI in the Eurozone climbed to its highest level in the last three months.
The services sector PMI in the Eurozone, which was 51.9 in July, reached 52.9 in August, the highest level in the last three months.
In PMI data, above 50 points indicates growth, below indicates contraction.
