Eurozone Service Sector Grew Slightly Less Quickly

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Eurozone service sector activity grew slightly less rapidly in February than previously indicated. This is evident from figures from researcher IHS Markit.

 

Nevertheless, the sector, which includes shops, travel organizations and catering, is growing strongly now that the corona measures are being phased out in many countries.

According to final figures, the so-called purchasing managers index came in at 55.5, where it had previously been estimated at 55.8. Any value above 50 means an increase in activity; below that, it decreases.

The service sector in Germany and France also grew less rapidly than previously calculated. In those countries, the difference with the provisional figure was even greater than in the eurozone. In Italy, the activity of the service sector increased slightly faster than previously expected, in Spain the increase was strong.

In the latter country, this probably has to do with tourism recovery. In January, the number of tourists who came to Spain grew to 60 percent of the number that came before the corona pandemic. Unfortunately, the Spanish statistical office does not yet have figures for February, but it is expected that the recovery will continue.

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