Economic activity driven by service sector is on the rise

Economic activity in the euro area grew in May. This was shown on Friday by preliminary figures from Markit Economics.

The combined purchasing managers index for the monetary union rose from 53.8 in April to 56.9 in May. The prognosis for this was 52.9.

Industry showed a decline in activity, but the service sector made strong progress in the growth trend.

The Purchasing Managers Index for the services sector rose from 50.5 to 55.1, while a figure of 52.4 was expected. The preliminary index for industry fell from 62.9 to 62.8. This was expected to be 62.5.

Economic activity in Germany increased further in May thanks to growth in services. This was shown on Friday by preliminary figures from Markit Economics. The compound Purchasing Managers Index for Germany rose from 55.8 in April to 56.2 in May.

The Purchasing Managers Index for the services sector increased from 49.9 to 52.8, for which 52.0 was foreseen. On the other hand, the Provisional index for industry fell from 66.2 to 64.0. This was expected to be 65.7.

Economic activity in France increased significantly in May. This was shown on Friday by preliminary figures from Markit Economics.

The combined purchasing managers index for France rose from 51.6 in april to 57.0 in May. Industry and services both showed strong growth.

The Purchasing Managers Index for the services sector increased from 50.3 to 56.6, while 52.5 was foreseen. The preliminary index for industry rose from 58.9 to 59.2. Here a stand of 58.5 was foreseen.