Eurozone output is up ... just

The eurozone's manufacturing sector managed to stay in positive territory last month, despite a poor performance from Greece. The purchasing managers' index for the eurozone rose slightly from 50.6 in December to 51 in January, with improvements in business conditions recorded in Germany, Spain, Ireland and the Netherlands. However France, Italy, Austria and Greece all reported downturns. The latter slumped to a 15-month low of 48.3, the lowest reading of all the European countries that Markit monitors. Chris Williamson, chief economist of Markit said: 'There is a real possibility that the impact of the European Central Bank stimulus could be compromised by uncertainty and instability arising from the unfolding political situation in Greece, which remains a major risk to the economic outlook for the region.'


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