Private sector output is booming in Germany, France and the eurozone, new PMI survey data from IHS Markit reveals.
“The private sector is growing at the fastest pace in six years. It is very encouraging that the European recovery is still on track and that the uncertainty that continues to dominate has not impaired growth or our confidence in the future,” said senior analyst Allan Sørensen from the Confederation of Danish Industry.
Optimism across the board
It appears that both business and consumers are optimistic.
“In May, consumer confidence in the eurozone rose to the highest level in ten years, and the prospects for ongoing growth in European consumption are good,” Sørensen added.
The figures show that employment is rising, real wages are increasing, and interest rates are low – all of which improves possibilities for consumers.
Danish companies export for 600 billion kroner annually, so a strong European economy and a well-functioning single market are crucial.