This is another report that will not please the ECB. The July PMIs show that the eurozone economy is losing further momentum, as both the manufacturing and services sectors see activity slowing.
The return of optimism in the eurozone since the start of the year continues to lose steam. While improving business sentiment in the first months of the year as well as better-than-expected GDP growth in the first quarter had supported hopes of a surprise recovery of the eurozone economy, the latest developments have proved to be something of acold shower for those expectations.
3% quarter-on-quarter GDP growth, the eurozone economy had a surprise start to the year. Even more surprising is that growth in the first quarter was driven by net exports and the construction sector. However, available soft and hard data for the second quarter suggest that growth has slowed down – an observation that seems to be shared by the European Central Bank, as indicated by President Christine Lagarde at last week’s press conference.
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