Survey: Export growth supports eurozone despite euro rise
Increase a surprise; most forecasters were predicting a modest fall.
LONDON — A closely-watched survey is showing that the eurozone economy is on course for another solid quarter of economic growth during the third quarter with exports holding up despite the rise in the value of the euro.
Financial information company IHS Market says its purchasing managers index for the 19-country single currency bloc rose to 55.8 in August from 55.7 the previous month.
The increase was unexpected – most forecasters were predicting a modest fall.
Given that anything above 50 indicates expansion, the survey of the eurozone’s manufacturing and services sectors suggests that the region’s momentum has continued through the summer despite the recent appreciation in the euro.
The firm said the manufacturing sector was able to secure new export orders at their fastest pace in six-and-a-half years.