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Eurozone manufacturing records first growth since 2019

Eurozone manufacturing records first growth since 2019

The manufacturing sector in the euro zone was able to record its first growth since early 2019 in July, in light of the recovery of domestic demand after easing restrictions that were imposed to slow the spread of the Corona pandemic.

The euro zone manufacturing PMI for July was 51.8, compared to both preliminary and expectations of 51.1.

More than 18 million people were infected by the coronavirus in the euro area, but governments across Europe eased some of the restrictions that had shut down vast areas of the European region.

The European Central Bank has stepped up stimulus measures and European Union leaders have agreed to a 750-billion-euro recovery fund to provide support to the devastated economy.

Meanwhile, official data on Friday showed the economy shrank by a record 12.1% in the last quarter, despite expectations for an 8.1% growth in this quarter.

The manufacturing sector in Germany witnessed an improvement during the month of July, recording 51.0, after the previous reading of 50.0, the same as expectations.

As for France, the final manufacturing PMI showed improvement to 52.4 from a previous of 52.0.

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