Markit's Eurozone composite PMI touch better than expected

Markit’s final Eurozone composite output index came in at 53.1 in May, up from the flash estimate of 52.9 and April’s reading of 53.0.

The upturn was again led by the service sector, which saw a modest growth acceleration. Manufacturing production also rose, albeit at a slightly lesser pace than the previous month.

Meanwhile, the final Eurozone service business activity index printed at 53.3, up from the flash estimate and April’s reading, both of which were 53.1.

Chris Williamson, chief economist at Markit, said: “The final PMI numbers for May have come in slightly ahead of the earlier flash readings, but still point to a Eurozone economy which seems unable to move out of low gear. The survey data are signalling a GDP rise of 0.3% in the second quarter, suggesting the growth spurt seen at the start of the year will prove frustratingly short-lived.

“June looks likely to prove equally disappointing, as inflows of new business slowed in May to the weakest for almost one-and-a-half years.”