According to the report from IHS Markit, growth of the eurozone private sector economy improved during April, with latest data indicating the fastest expansion since last July and the second best in over two-and-a-half years. 

Eurozone PMI Composite Output Index recording 53.8, up from 53.2 in March. The index has now signalled growth for two consecutive months and latest data indicated concurrent activity gains in both manufacturing and service sectors. Goods producers continued to lead the way, with output rising at a rate little-changed on March’s survey record. Service sector output returned to growth following seven months of continuous contraction, although the gain was only marginal overall.

The IHS Markit Eurozone PMI Services Business Activity Index edged back above the crucial 50.0 no-change mark in April to signal the first growth in service sector activity since August 2020. That said, at 50.5, up from 49.6 in the previous month, the rate of expansion signalled by the index was marginal.