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Spain is starting to get back on track - but the eurozone's recovery has slowed

Service companies in Spain hired staff at the fastest rate in eight years in the last month as th...
Newstalk
Newstalk

14.19 5 Aug 2015


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Spain is starting to get back...

Spain is starting to get back on track - but the eurozone's recovery has slowed

Newstalk
Newstalk

14.19 5 Aug 2015


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Service companies in Spain hired staff at the fastest rate in eight years in the last month as the summer tourist season got into gear.

The Markit’s Purchasing Managers’ Index (PMI) of service companies rose to 59.7 for July - any figure above 50 indicates growth.

This was up from 56.1 in June - and was the 21st month of straight growth.

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Its economic output grew at the fastest rate since the 2008 crash between April and June, and the country welcomed a record number of tourists in the first half of 2015.

This has raised optimism about the performance of businesses who rely on tourists during the second half of the year.

However the country does still have a long way to go - its unemployment rate remains at 22.4 percent, making it one of the highest in Europe.

PMI data from France and Italy came in below expectations - while Germany's figures were broadly inline with forecasts at 53.8.

The overall eurozone PMI was 53.7 - below the expected figure of 53.9 - and a half-point decline on the 54.2 score registered in June.

 


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