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The service sector in the euro area and the United Kingdom recovered in May
image 3 June، 2021
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The services sector in the euro area and Britain recorded strong increases in May, according to data released by PMI this morning, as the German services sector returned to growth after the recession witnessed in April, supported by the easing of restrictions related to the Corona virus, to record a level that is the strongest in two years at 52.8 compared to 49.9 In April it came in line with expectations. On the other hand, the Spanish service sector recorded the highest increase since August of the year 2015 in May at levels of 59.4 compared to 54.6, to come better than expectations that indicated a rise to 57.8. The Italian services index rose to 53.1 for the first time above 50 levels in a year, compared to 47.3 in April, recording the fastest growth rate since March 2019. The core index, which measures the final output of the eurozone countries, rose to 55.2 in May, compared to 50.5 in April, after a strong improvement in the sector in Ireland (63.5) and record rates in addition to Spain, France, Germany and Italy. On the other hand, the services sector in the United Kingdom, which contributes more than 70 percent of GDP growth, recorded a rise in May, better than expectations at 62.9 levels, compared to 61 in April, as the sharp rise in the volumes of new orders in May due to the reopening of the economy in United kingdom .

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