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Eurozone Private Sector Expands in December

Analysis

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Eurozone private sector returned to growth at the start of the year after six consecutive months of contraction, raising hopes that the region might escape recession, flash survey results from S&P Global showed on Tuesday.

The flash composite output index rose more than expected to 50.2 in January from 49.3 in December. The reading was forecast to climb to 49.8.

The index improved for a third straight month, breaking the 50 no-change mark for the first time since last June. A steadying of the eurozone economy at the start of the years adds to evidence that the region might escape recession, Chris Williamson, chief business economist at S&P Global Market Intelligence said.

Earlier this month, the World Bank projected the euro area economy to remain flat this year and expand 1.6% in 2024.

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