Eurozone economy starts 2017 with steady growth

AP News
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Posted: Jan 24, 2017 5:25 AM

LONDON (AP) — A survey shows that the economy of the 19-country eurozone began 2017 with relatively strong growth.

The so-called purchasing managers' index, a gauge of activity in the manufacturing and services sectors, edged down to 54.3 points in January from the previous month's 54.4, which was the highest level since mid-2011.

The survey, published Tuesday by IHS Markit, showed exports doing well and employment enjoying its biggest monthly rise since February 2008. Prices were also shown to be on the rise, largely due to higher commodity prices.

Chris Williamson, chief business economist at IHS Markit, said the "the eurozone economy has started 2017 on a strong note." He estimated that it pointed to a quarterly economic growth of 0.4 percent.