In October, the economic performance of the Eurozone decreased slightly

By: Trademagazin Date: 2024. 10. 24. 11:31

In October, the economic performance of the Eurozone decreased modestly, but for the second month already, based on the preliminary values of the joint purchasing manager index (BMI) of the London-based economic research institute S&P Global Market Intelligence and Hamburg Commercial Bank AG.

Based on the evaluation of the preliminary data of the survey, the composite index, which includes both manufacturing and service industry data, rose from the seven-month low of 49.6 points in September to 49.7 points instead of the expected 49.8 points for October.

A BMI value of less than 50 points quantifies the degree of decline in the performance of the analyzed economic activity, and a value of more than 50 points the degree of its strengthening.

The euro area composite BMI is already below 50 points for the second month in a row. In August, its value was still at 51.0 points.

The October manufacturing industry BMI, instead of the expected 45.1 points, was even more favorable, 45.9 points, rising to the most favorable value in five months from 45.0 points in September.

On the other hand, the rate of increase in performance of the service industry moderated in October, instead of the expected 51.5 points, it became the lowest value since February, 51.2 points after 51.4 points in September.