Containers are seen on the Maersk’s container ship Luna Maersk at the APM Terminals in the port of Algeciras, Spain Jan 19, 2023. REUTERS/Jon Nazca/File photo
“The euro zone economy continues to bounce back from the lull we saw at the back-end of 2022 and the latest PMI survey will add fresh conviction to the view that, at least for now, the euro area is clear of a recession,” said Joe Hayes, senior economist at S&P Global.“March’s increase in economic activity mainly reflected strong growth across the service sector. Better momentum here is encouraging given the squeeze on household incomes from high inflation and rising borrowing costs.
S&P Global said there was also a difference among member countries with a considerable upward push to growth coming from Spain and, to a lesser extent, Italy. But activity in Germany and France rose only modestly, painting a more conservative picture of underlying economic health.
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