Eurozone manufacturing activity contracted at a slower than estimated pace in April, final data from Markit Economics showed Thursday.
The Purchasing Managers' Index fell marginally to 46.7 in April, from 46.8 in March. It was marginally above the earlier flash estimate of 46.5. The seasonally adjusted reading signaled contraction for the twenty-first successive month.
Rates of decline accelerated in Germany, Ireland and Austria, but eased in France, Italy, Spain, the Netherlands and Greece, the report showed.
"The fact that the Eurozone Manufacturing PMI came in slightly higher than its flash reading offers little consolation to the fact that the index fell further in April, and suggests that the industrial sector is contracting at a quarterly rate of 0.5% at the start of the second quarter," said Chris Williamson, chief economist at Markit.
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