Eurozone growth hit seven-year high at the end of 2017, according to new figures

By Johan De Mulder

The eurozone economy closed 2017 by achieving its best growth for nearly seven years, a survey released on Thursday revealed.

A surge in manufacturing productivity across all major European economies, along with accelerated services, contributed to IHS Markit’s Final Composite Purchasing Managers’ Index increasing to 58.1 in December.

This was a significant improvement from the 57.5 figure in November and the highest number since February 2011 as fourth-quarter economic growth stood at 0.8%.

See also:


"A stellar end to 2017 for the euro zone rounded off the best year for over a decade, continuing to confound widely held fears that rising political uncertainty would curb economic growth," said Chris Williamson, chief business economist at IHS Markit.

Employment is also on the up on the continent, with companies hiring staff at a growth rate unmatched in the last 17 years and unemployment dropping to 8.8%.

The signs are that such upward momentum will continue in 2018, with IHS Markit's composite new orders index climbing to 58.0 last month - its highest since July 2007 - from 57.3.

Share

Featured Articles

Middle East GDP hike of 57% if more women join workforce

By tapping into the potential of next-generation female workers, the MENA region could unlock new economic opportunities, up to US$2 trillion, reports PwC

Dialight supplies LED solutions for industrial safety

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Tech, AI, cloud, cyber speakers at TECH LIVE LONDON

TECH LIVE LONDON events sees technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force among the inspirational speakers

Cyber LIVE adds Vodafone head of cyber Kawalec to line-up

Leadership & Strategy

Musk’s multibillion hostile Twitter takeover – the timeline

Leadership & Strategy

Sustainable moves businesses can make to win customers, IBM

Sustainability