The Guardian underlines the improvment of business perspectives in Spain, which outperforms the rest of Europe, especially thanks to its Services sector.
“Spain emerged as the best performer of the eurozone’s big four economies last month as the single currency area largely shrugged off the impact of the Greek debt crisis.
The latest health check conducted by the information services company Markit showed the pace of activity across the eurozone eased only slightly during the weeks when Greek banks were closed for business.
But the survey found no signs that the eurozone was about to slide back into recession and, with Spain leading the way, was consistent with growth continuing at about 0.4% per quarter.
However, the fragility of the recovery in the 19-nation group was highlighted by data from the EU’s statistical agency, Eurostat, showing a 0.6% drop in retail sales growth in June. (…)
Of the region’s largest economies, Spain is the current star performer, with the PMI signalling ongoing economic growth of approximately 1% at the start of the third quarter. Italy and Germany are also showing sustained recoveries, albeit with growth running at more modest 0.3%-0.4% rates. France remains a straggler, but is still joining in the recovery, with the PMI signalling a mere 0.2% rate of expansion.”
Spain’s return to growth is the result of the performance of its services sector, with the Markit survey showing output in recent months back to levels last seen when the economy was booming in 2006. The services PMI rose from 56.1 to 58.7 last month.