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Economy in Brief

by Louise Curley March 1, 2004

In spite of a small decline in the Purchasing Managers Index (PMI) for the Euro-zone in February, manufacturing continues in an expansion phase. (The Purchasing Managers' Indexes compiled by NTC Research are diffusion indexes with bounds of 0% and 100%. Figures above 50 indicate expansion phase while those below 50 indicate contraction.)

In February, the PMI for manufacturing for the Euro-zone declined from 52.51 in January to 52.47, a decline of 0.13%. Advances in Germany, the Netherlands and Spain were offset by declines in France, Italy and Austria.

Available data for the rest of Europe, show declines in February for the Czech Republic, Russia and the UK and a rise for Poland. However, the PMIs for the UK, Poland and the Czech Republic indicate somewhat stronger expansions the those of the Euro-zone countries.

Purchasing Managers Diffusion Indexes Feb 04 Jan 04
Euro-zone 52.47 52.51
  Germany  53.28 53.04
  France 52.02 53.50
  Italy 50.77 51.06
  Spain 53.22 51.88
  Netherlands 51.80 51.65
  Austria 54.42 55.09
Czech Republic 54.71 55.13
Poland 54.02 52.46
Russia 52.24 52.68
UK 53.21 55.82
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