Among individual countries, growth accelerated to a three-month high in Germany on the back of the biggest monthly improvement in new business for two years, while business activity in France rose at the slowest rate in three months.
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But European Central Bank (ECB) president Mario Draghi recently indicated he was disappointed with the current rate of growth and suggested policymakers could take fresh action to boost the economy.
The Markit flash France composite output index, which is based on approximately 85% of normal monthly survey replies, declined to a three-month low of 51.3 from 51.9 in the previous month.
The data, published today, indicates Eurozone businesses have witnessed the fastest rates of growth in business activity and employment since 2011.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, ” While the longer-term economic impact following the Paris attacks remains uncertain, PMI data suggest that GDP is on course to post another modest expansion in Q4 following the 0.3% growth reported in the third quarter”.
Growth in the French services sector slowed although a faster increase in manufacturing activity helped keep the private sector expanding. The composite output price index for November was unchanged from October’s 49.6. “November’s slightly improved PMI reading will no doubt do little to dissuade policy makers that more needs to be done”.
An index measuring output, which feeds into the composite PMI, rose to 53.9 from 53.6.
The firm said a rapid fall-off in trade was behind its index falling from 52.7 in October to 51.3 in November. The reading was below the expected score of 52.2.
The surveys are the first measure of French economic activity released since the attacks on Paris, and 57% of responses from purchasing managers at manufacturers and service providers came in the days after the assaults at the Bataclan concert hall and other locations claimed 130 lives in the French capital.
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Meanwhile, the manufacturing PMI rose to a 19-month high of 50.8 from 50.6 in the prior month. The individual readings for both industries climbed, defying economists’ expectations for no change.
