By Sally Underwood •
Published: 24 Mar 2021 • 10:59
According to figures, Europe’s economy has returned to growth.
The Purchasing Managers’ Index (PMI), seen as a guide of how well the economy is doing, moved above 50 to 52.5 in March compared to February’s 48.8, its highest since late 2018, and an indication that the economy is growing.
Chris Williamson, a business economist, said: “The service sector remains the economy’s weak spot, but even here the rate of decline moderated in March as companies benefited from the manufacturing sector’s upturn, customers adapted to life during a pandemic and prospects remained relatively upbeat.”
The news comes after Madrid cut its economic forecast for Spain following a delay in funds from the EU.
Officials in Madrid cut Spain’s economic forecast due to delays in EU funding.
The Bank of Spain has announced the country’s economy is likely to shrink by 0.4 percent this quarter after two straight quarters of recovery due to restrictions imposed to tackle the third wave of Covid infections.
The bank has lowered its growth forecast as the country waits funds from the EU.
Thank you for taking the time to read this news article “BREAKING NEWS: Europe’s Economy Returns to Growth”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
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