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The rate of eurozone economic expansion ticked higher at the start of the third quarter. This was signalled by the final Markit Eurozone PMI® Composite Output Index rising to a six-month high of 53.2 in July, above the earlier flash estimate of 52.9. The headline index has now signalled growth for 37 successive months.
The rate of expansion in manufacturing production steadied at June's six-month high. Growth of service sector output improved slightly but remained slower than that seen at manufacturers. Although the latest data signalled a solid and steady pace of expansion, national data suggested that the upturn was uneven by nation. Growth was primarily driven by an accelerated rate of output expansion in Germany, the fastest during the year-to-date. Rates of growth moderated in Italy and Spain, whereas France continued to hover around the stagnation mark.
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