Business 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.
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 – a three-month high – after 48.5 in May.
A reading above 50 indicates growth, while a figure below 50 signals contraction.
"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.
"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.
