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News - 24 October 2013

Business growth slows in Eurozone

In a survey by the research firm Markit, the Purchasing Managers' Index (PMI), the pace of growth among businesses in the Eurozone eased in October as the service sector slowed.

The reading fell from 52.2 in September to 51.5. However, a reading above 50 still implies expansion, and activity has now grown for four months in a row.

Markit said expansion was "broad-based" across the eurozone, although growth slowed in both Germany and France.

"The survey data have been running in positive territory for four consecutive months now and indicate that the Eurozone economy expanded at a quarterly rate of 0.2% at the start of the fourth quarter, suggesting an ongoing, albeit sluggish, recovery," said Chris Williamson, chief economist at Markit.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The eurozone emerged from recession in the second quarter of this year when it grew by 0.3% following a record 18 months of economic contraction. However, earlier this month, European Central Bank (ECB) president Mario Draghi said the recovery remained "weak, fragile, and uneven".”

There has been speculation that the ECB might offer another round of cheap, long-term loans to banks to keep the cost of credit down.

For those who are looking for a more personal approach on a range of issues, including Business strategy, business recovery, sale or acquisition, VAT and all other tax strategies, contact us at ABDS.

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