Most leading economic indicators are in line, or even above, expectations. Activity in the manufacturing sector remains subdued, the Purchasing Managers Index (PMI) reaching only 47.9 in April. This poor performance is partially offset by the resilience of the PMI Services Index which is below its long-term average but still well above the 50 threshold (52.8 in April). The low level of unemployement regarding the historical average also sends a positive signal. Globally, economic growth went up in Q1 2019, to 0.4% q/q, after weak performances at the end of 2018 (growth reached respectively 0.1% and 0.2% in Q3 and Q4 2018). One can notice the economic recovery in Italy after the technical recession experienced in the second semester 2018, and the still buoyant Spanish growth.
Index Eurozone
