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The European business has set a record after the crisis caused by the coronavirus pandemic and quarantine. Business activity in the Eurozone in July 2020 is restored to the highest in two years pace, according to IHS data from Markit.
The business activity index (PMI) reached 54.8 points in July, up from a level of 48.5 points in June. The July increase on the background of lifting locks was higher than the experts forecasts, who had expected the index to 51.1 points. A reading above 50 indicating growth in business activity, a value below this level indicates recession.
The significant recovery showed French business. Business activity in France showed the greatest growth over the past 2.5 years. The high rate of recovery of the German business, according to the company.
According to the Agency, despite the encouraging figures, a V-shaped rebound of the economy may not occur. Her recovery will probably be slower, because companies still have to make massive cuts to employees. In addition, the business indicates that the current demand is insufficient to maintain the pace of recovery.
Video, photo All from Russia.