Euro zone service sector expands in January

| January 25, 2011 | 0 Comments
Euro zone service sector expands in January

A survey has revealed Europe’s powerhouse, Germany, continue to leads the recovery after the economy’s services sector rose to a 55-month high.

Early findings from the business survey, Markit’s Flash Purchasing Managers’ Index for the 17-member nation rose to 55.2 in January from 54.2 in December, beating forecasts of a 54.3 reading.

The index remains above the crucial 50 level, which separates growth from contraction. It has now been above this level for 17 consecutive months.

Meanwhile, the new business index rose to 55.4 in January, from December’s 53.9 - this represented a 39-month high.

Service sector growth in Germany showed a reading of 60 - representing a 55-month high.

However, Markit warned that Greece and Ireland are failing to keep up with Germany and the strong growth noted in Germany was concealing the weakness seen in other euro zone nations.

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