The Purchasing Managers Index provides one of the most reliable hints about a country’s GDP behaviour, so isn’t difficult to agree with all observers that April’s relapse in PMI figures in the euro zone spell loss of momentum in industrial activity. The data are at the lowest level since mid-2009.
With no signs of acceleration of the indicators of activity and with early sentiment indexes’ falling in the second quarter of 2012, the risk of the EMU GDP declining for the first quarter (-0.1% ) and for the second, too. Analysts in Madrid consider likely an EMU GDP fall of -0.3% from April to June.
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