Eurozone Services Sector Growth Accelerates, Economic Recovery Rate Hikes Expectations

On October 5, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that the growth rate of the Eurozone's services sector has reached its fastest level since November last year, indicating an acceleration in economic recovery and a spreading growth momentum from manufacturing to broader sectors. PMI surveys show that the Eurozone economy is expanding at a quarterly growth rate of 0.4%, with further growth expected in the fourth quarter. Service sector activity in Germany and France has seen growth for the first time since March, Italy has achieved expansion for the fourth consecutive month, and Spain has recorded its strongest growth in four months. Overall growth in September reached its fastest level in five years. The survey also indicated that input price inflation has risen to 4%, suggesting that the Eurozone's inflation rate is nearing the European Central Bank's target upper limit of 2%. Combined with data showing accelerated economic growth, this increases the pressure on the European Central Bank to adopt more aggressive monetary policy tightening measures.

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