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Eurozone Services Growth at 11-Month High

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The rate of eurozone economic expansion accelerated to its highest in the year to date during November. This was highlighted by the final Markit Eurozone PMI® Composite Output Index posting 53.9, slightly below the earlier flash estimate of 54.1 but still the best reading since December 2015.

Growth of manufacturing production slowed slightly since October, but nonetheless expanded at a slightly faster pace than service sector business activity. Services output rose at the quickest rate in 11 months.

The strongest rates of increase were registered by Ireland and Spain, both of which saw growth accelerate (to three- and five-month highs respectively). However, simply by the virtue of its size, Germany contributed the greatest to the latest expansion, with the rate of increase little-changed from October.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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