In April, the economic performance of the euro area expanded at the fastest rate in almost a year

By: Trademagazin Date: 2024. 05. 06. 12:25

In April, the economic performance of the euro zone expanded at a greater rate than expected, at the fastest rate in 11 months, based on the growth rate of the Purchasing Managers’ Index (BMI), compiled on the basis of a joint survey by the London-based economic research institute S&P Global Market Intelligence and Hamburg Commercial Bank AG.

The composite BMI indicator, which includes both manufacturing and service industry performance data in the euro area, rose to 51.7 points, an 11-month high, for April instead of the expected 51.4 points and after the previous month’s 50.3 points in March. In February, the index was still at 49.2 points.

A BMI value above 50 points indicates an increase in the performance of the analyzed economic sector, and a value below 50 points indicates a contraction.

One of the components of the composite BMI, the index of the service industry, instead of the expected 52.9 points, rose to 53.3 points, also an 11-month high, for April from 51.5 points in the previous month.