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Eurozone Downturn Eases In December As Germany Recovers

The Eurozone private sector contracted at a slower pace as Germany recovered at the end of the year, survey results from Markit Economics showed Friday.

The composite Purchasing Managers' Index rose to a nine-month high of 47.3 in December, from 46.5 in November. However, a reading below 50 suggests contraction.

The turnaround is being led by Germany, for which the PMI has already returned to positive territory, said Chris Williamson, chief economist at Markit. "The survey is still consistent with euro area GDP falling for the third successive quarter."

The flash services PMI climbed more than expected to 47.8 from 46.7 in November. The index was forecast to rise to 47 in December. The manufacturing PMI, at the same time, edged up to 46.3 from 46.2 last month. The expected reading was 46.6.

by RTT Staff Writer

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