Industrial production growth in the eurozone skyrocketed to its highest level in the last 26 months вЂ” that is, in more than two years. The indicators of the European economy were able to bounce off the bottom thanks to the success of Germany, follows from the data of the IHS Markit company.
In September 2020, the Purchasing Managers Index (PMI) in the euro area climbed to 53.7 points. In August, it was at 51.7 points. The growth of industrial production in the region spurs the improvement of the economic situation in Germany, according to the IHS report. вЂњThe numbers would have been much more modest without help from Germany, which accounted for about half of the eurozone's manufacturing growth in September,вЂќ the report said.
In Germany in September, the PMI reached 56.4 points. The indicator turned out to be below the forecast of 56.6 points, but higher than the August level of 52.2 points. A PMI index value above 50 points indicates an increase in business activity, a value below this mark indicates a decline.
In early September, it was reported that Germany's efforts to tackle the effects of the coronavirus were beginning to bear fruit. Production in the main economy of Europe by the end of 2020 will decrease by 5.8 percent, although in April, at the height of the pandemic, a fall of 6.3 percent was expected. The Ministry of Economy of the country expects a V-shaped economic recovery.