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<\/p>\nBusiness activity in the eurozone remained in contraction territory in June, but it picked up pace compared to a month earlier, a key survey showed Tuesday, thanks to easing price pressures linked to the Middle East war.<\/p>\n
The eurozone purchasing managers’ index (PMI) published by S&P Global, an important gauge of the economy’s overall health, registered a reading of 49.5 this month \u2013 a three-month high \u2013 after 48.5 in May.<\/p>\n
A reading above 50 indicates growth, while a figure below 50 signals contraction.<\/p>\n
“The eurozone economy is showing enough resilience to just about stay out of recession,” S&P chief business economist Chris Williamson said in a note.<\/p>\n
“The flash PMI registered only a slight drop in business activity in June, meaning the survey is indicative of unchanged GDP over the second quarter,” he said.<\/p>\n
After a preliminary peace deal between Iran and the United States, the tourism industry hopes for a rebound with more visitors expected to return later in the year to the Middle East and the nearby region, including the island of Cyprus and T\u00fcrkiye.<\/p>\n
“There is welcome news of an easing in the recent downturn in services activity, with tourism and leisure-related industries seeing signs of recovering demand after the initial disruptions from the war in the Middle East,” he added.<\/p>\n
That fledgling recovery was, however, accompanied by “sustained falls” in new business, the survey found.<\/p>\n
Manufacturing activity continued to grow, recording a figure of 51.3 in June, below the 51.6 recorded last month.<\/p>\n
The overall picture appeared better than in previous months after the war in the Middle East triggered a surge in energy costs worldwide.<\/p>\n
<\/p>\n
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