German PMI falls to 51.7 in November Vs 53.2 in October - General

Andrei Kastsiukevich 2013.12.04 10:29 #11

14.28 4+ Eurozone is increasingly dependent on economic growth in Germany, according to purchasing managers' surveys released on Wednesday. The business activity index (PMI), a survey of 5,000 manufacturing and service providers, fell to 51.7 in November from 51.9 in October. An index reading above 50.0 indicates that activity rose. As in the previous month's survey - private sector activity is slowing down.
National surveys showed that Germany is playing a dominant role in driving the Eurozone's economic growth. The overall PMI rose to 55.4 from 53.2 in October, reflecting a spike in services sector activity during the month . This means that private sector activity rose at its fastest rate in 29 months. On the other hand, activity in France and Italy declined at the fastest rate in five months .
Chris Williamson, chief economist at Markit said that while Germany's PMI suggests the Eurozone economy may grow by 0.5% in the fourth quarter.
"There are some encouraging signs of solid growth in some countries, especially Germany," Williamson said. Germany's services sector rose to 55.7 from 52.9, a high of 10 months. On the other hand, France's service sector contracted for the first time in three months, as did Italy.
Outside Germany, the most positive news came from service providers in Spain, which reported its fastest growth since June 2010. While Ireland's service sector also rose.