The growth of economic activity in the euro area slowed down in July

By: Trademagazin Date: 2024. 07. 24. 12:30

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Instead of the expected moderate acceleration, the growth of economic activity in the euro zone slowed down in July, according to the preliminary values of the joint survey of the London-based economic research institute S&P Global Market Intelligence and the Hamburg Commercial Bank (HCOB) presented on Wednesday.

The service industry purchasing manager index (BMI) is not final, its value in July was 51.9 points, the lowest in four months, and it fell short of 52.8 points in June. Analysts expected the indicator to rise to 52.9 points.
The manufacturing industry BMI weakened from 45.8 points in June to 45.6 points in July, a seven-month low. Experts expected the indicator to increase to 46 points.

The July value of the composite BMI, which aggregates data from the service industry and manufacturing industry, fell to 50.1 points, a five-month low, from 50.9 points in June. Experts expected a rising index, 51.1 points.

A BMI value above 50 points quantifies the growth rate of the performance of the analyzed economic activity, while a value below 50 points indicates the rate of decrease in performance.