Eurozone activity ticks up as lockdowns ease

Valentina Romei in London

The fall in Eurozone business activity is showing signs of bottoming out after the easing of lockdown restrictions, but the prospect remains for an “unprecedented” fall in GDP in the second quarter.

The IHS Markit eurozone flash purchasing manager index for services rose to 28.7 in May from 12 in April, when it was the lowest since it began recording the data in 1997. The reading exceeded the 25 forecast by economists polled by Reuters.

“The eurozone saw a further collapse of business activity in May but the survey data at least brought reassuring signs that the downturn likely bottomed out in April,” said Chris Williamson, chief business economist at IHS Markit. “Second quarter GDP is still likely to fall at an unprecedented rate.”

The eurozone PMI index for…

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