PMI: Positive signaler for europæisk økonomi i januar

PMI for Euroland i januar

“Eurozone manufacturing showed signs of pulling out of the doldrums at the start of the year, but the rate of expansion remained disappointingly meagre, vindicating the ECB’s decision to take drastic action to revive the economy. “The ECB’s ‘bazooka’ of full-scale quantitative easing should boost the euro area economy via improved business and consumer confidence and the weakening of the euro. The currency’s fall should benefit exporting manufacturers in particular over coming months. Lower oil prices will also help reduce manufacturers’ costs, with reduced fuel costs also freeing up more consumer income to spend on goods. “The survey also brought encouraging news that there are pockets of robust growth in Ireland, Spain and the Netherlands. “However, Germany, France and Italy are more or less stagnating, and the economic situation in Greece has deteriorated, with its manufacturing sector contracting at the fastest rate for over a year as both exports and home demand fell during January. “There is also a real possibility that the impact of the ECB stimulus could be compromised by uncertainty and instability arising from the unfolding political situation in Greece, which remains a major risk to the economic outlook for the region.