Business activity in the euro zone hit a three-month high in May, as the region began to slowly reopen after approximately two months of coronavirus lockdowns.
"All euro zone countries eased their Covid-19 containment measures to some extent in May, helping to moderate the overall rate of economic decline," Chris Williamson, chief business economist at IHS Markit, said in a statement. Italy, Spain, France and Germany — the four largest euro economies — are among those most severely affected by the pandemic. However, they've all started to open parts of their economies after a reduction in the coronavirus contagion rate.
"The good news is that April almost surely was the bottom. The bad news is that the rebound is painfully slow, adding further weight to the idea that the second-quarter hard data, and final GDP headline, will look awful," Claus Vistesen, euro zone economist at Pantheon Macroeconomics, said after the French data release.
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