Survey indicates eurozone growing slowly

(Michael Nagle, Getty Images/file)
(Michael Nagle, Getty Images/file)
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Updated: 8/21 5:33 am

FRANKFURT, Germany (AP) — A survey of business activity indicates the economy in the 18-country eurozone slowed but still grew modestly in August.

The purchasing managers' index published by Markit Economics fell to 52.8 points from 53.8 in July. A reading over 50 indicates the economy is expanding.

The signs of growth follow a disappointing official growth figure of zero for the second quarter, which ended June 30.

Markit economist Rob Dotson said Thursday the eurozone "looks ready to bounce back" following the flat second quarter but that third-quarter growth would be only around 0.3-0.4 percent.

The survey showed activity in France, the eurozone's No. 2 economy, stabilized after three months of declines.

Recent survey data, however, have contrasted with hard figures for growth and industrial production, which painted a more downbeat picture.

 

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