Index PMI rose to 62.9 points in April
Markit Economics published its final estimate of business activity in the industrial sector of the euro zone economy in April. It was worse than the forecast of the surveyed analysts. The PMI rose by 0.4 points to 62.9 points compared to the March reading. At the same time, analysts expected the index to increase by 0.8 points to 63.3 points. Despite this, the indicator became the highest in the entire history of its calculation, that is, since 1997. Exceeding the critical level of 50 points indicates the expansion of industrial production in the euro area. The indicators calculated for the largest European economies showed a negative trend in April. Thus, PMI in the German industry fell by 0.4 points to 66.2 points, while the forecast for a decline of 0.2 points to 66.4 points. PMI in the industrial sector of the French economy also fell by 0.4 points to 58.9 points. At the end of last week, statistics on German GDP were released. It shows that the country's economy contracted in the first quarter by 1.7% compared to the previous three months and by 3% year-on-year.