Eurozone business activity hits 3-year high

Business activity in the Eurozone experienced a surprising surge in September, with the growth rate reaching its highest level in over three years, despite rising operating costs due to increased energy prices linked to the conflict in the Middle East. This was revealed in a survey conducted by S&P Global, where the composite purchasing managers’ index (PMI) rose to 53.1 points from 52 in August, surpassing forecasts that had predicted a decline to 51.7 points. Additionally, new orders saw their strongest growth in more than four years, with notable increases in both the services and manufacturing sectors. Companies raised their employment levels despite higher input costs. These figures come amid the European Central Bank’s efforts to contain inflation through interest rate hikes, with further potential increases likely in the future to combat inflationary pressures stemming from rising energy prices.

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