Month: July 2013

The European economy may finally be exiting its longest post-war recession but entering a period of stagnation or very weak growth at best, latest data suggest.  The purchasing managers index (PMI) for the euro zone rose to a 15-month high of 48.9 in June. Germany’s PMI rose 0.7 point to 50.9, signalling modest growth. France’s score also rose but remained below 50. 

Economic sentiment in Europe improved a little during the second quarter of 2013. Talk of a possible “depression” and euro-collapse has receded into the background. Nevertheless overall economic conditions remain fragile and the construction sector, the major driver of wood demand, is still deep in negative territory.