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Eurozone Economic Development Better Than Expected

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  • Eurozone Economic Development Better Than Expected

    EUROZONE ECONOMIC DEVELOPMENT BETTER THAN EXPECTED

    February 5, 2013 - 14:44 AMT

    PanARMENIAN.Net - Further evidence has emerged that the economy of
    the 17 European Union countries that use the euro has started 2013
    better than many people had expected, The Associated Press reports.

    Markit, a financial information group, says Tuesday, Feb 5, that its
    monthly purchasing managers' index for the eurozone's services sector
    - a closely-watched gauge of activity - rose to a ten-month high of
    48.6 in January from 47.2 in December.

    Though the index remains below the 50 mark that would indicate
    expansion, the survey does echo findings elsewhere that the eurozone
    economy may be over the worst. Markit's equivalent manufacturing
    survey last Friday was similarly encouraging.

    Though figures next week are expected to show the eurozone remained
    in recession in the final quarter of 2013, there are hopes a recovery
    may take root by summer.

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