Spain leads ‘big four’ in eurozone

Spain leads ‘big four’ in eurozone as service sector expands rapidly

From an article in the Daily Telegraph - 4 Sept 2015

 Spain was the fastest-growing economy among the eurozone’s “big four” countries in August, racing ahead to record its second best period of expansion in over eight years.

 Figures from the continent’s dominant services sector (PMI) showed Spanish businesses recorded their 11th straight month of rising employment and 25th month of expanding new orders.

 The country’s PMI reading came in at 59.6 in August, capping off another strong month for the eurozone, where activity rose to 54.3 in August from 53.9 in July - its highest level since May 2011. Any reading over 50 indicates expansion. Growth was also driven by strong performance from Germany and Italy - the bloc’s first and third-largest economies respectively. Italy’s PMI rose to its highest level since March 2011 - a rare sign of hope in a country that has suffered from stagnant growth for nearly three years.

 The services sector was the “leading light” of the Spanish economy, said Andrew Harker, senior economist at Markit, and puts the country on course for 1pc growth in the third quarter of the year.

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