Macro Focus - Euro area PMIs. Second wave contraction stabilizes in December
Euro area PMI. Surprise outperformance brought an early Christmas present

Composite PMI bounces back to 49.8 

Industry continues outperforming 

Services improve substantially despite restrictions 

December brought a welcome surprise. Flash estimate showed recovering economic activity levels in Europe. It could mean that the second dip in GDP will be smaller and gives basis for faster recovery next year. With vaccines inbound, recovery fund secured, and global trade recovering Europe could be on a path to faster recovery than expected. Especially if Brexit hurdle could be cleared as well.

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Vytenis Šimkus Vytenis.simkus@swedbank.lt +370 687 17870

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