Eurozone Economy Firming
World Economy

Eurozone Economy Firming

The recovery across the 19-country eurozone economy appears to be firming despite fears over a Greek debt default and exit from the euro.
 Financial information company Markit says its purchasing managers index for the eurozone–a broad gauge of business sentiment–rose to a 49-month high of 54.1 in June from the previous month’s 53.6. Anything above 50 indicates expansion, AP reported.
Markit also says Tuesday that the upturn took the second-quarter average to its highest level for four years and points to quarterly economic growth of 0.4%. Markit chief economist Chris Williamson says the eurozone is “weathering the Greek storm relatively well.”
Following a summit of eurozone leaders Monday, hopes are high that a deal with Greece will emerge in the coming days to prevent a default.
A European Commission survey of consumer confidence released Monday similarly indicated that a standoff between the Greek government and its international creditors over the terms of its bailout hadn’t impaired growth in the wider eurozone.
Greece’s creditors suggested for the first time that a deal to avert the country’s bankruptcy was in sight after an 11th-hour proposal submitted by Athens on Monday made a significant concession on pension cuts.
“At present at least, the eurozone economy is weathering the Greek storm relatively well,” said Chris Williamson, chief economist at Markit, the data firm that surveyed purchasing managers.
The June pickup suggests the eurozone economy has avoided a slowdown during the quarter, but its failure to significantly build on the currency area’s modest momentum in the three months following the launch of the European Central Bank’s new program of quantitative easing highlights deep-lying impediments to economic growth.

Short URL : http://goo.gl/mRZCjQ

You can also read ...

Cambodia’s economic outlook remains positive, but is subject to downside risks.
The IMF Managing Director Christine Lagarde expressed optimism...
More and more Thai merchants are integrating WeChat Pay and Alipay’s systems to cater to tourists.
The internet has changed the way most people live. Through...
More India Bank Frauds Revealed
Over 25,800 fraud cases involving about Rs179 crore ($1.79...
Free trade achieves more good for the planet.
US President Donald Trump’s steel tariffs have brought the...
Qatar Calls to Investigate UAE Bank’s Bogus Deals
Qatar has asked US regulators to investigate the US subsidiary...
Morocco Currency Reform on Right Track
Few weeks after the launch of the gradual dirham float, the...
EU Readies Tax on US Technological Titans
The European Union will next week unveil plans for a digital...
Apparel imports from ASEAN are growing, spurred by low labor costs  in such countries as Vietnam.
Import prices for apparel and daily goods in Japan plunged...