Eurozone economy booms at fastest rate in 15 years

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Brussels

Business activity in the eurozone jumped at its fastest rate in 15 years this month, a closely watched survey said on Wednesday, as a reopened economy unleashed pent-up demand in Europe.

Economic data group IHS Markit said the “impressive progress” of vaccinations was jumpstarting the single-currency area, fuelled by eased restrictions that are at their lowest since September.

This “brightening prospect of life increasingly returning to normal has… pushed confidence to an all-time high, fuelled greater spending and encouraged hiring,” said Chris Williamson, chief economist at IHS Markit.

Accordingly, the firm’s PMI index — which shows the earliest trends in the manufacturing and service sectors — said activity leapt from 57.1 in May to a booming 59.2 in June, far above the 50-point level that indicates growth.—Agencies

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