France’s economy was given an Olympics boost this month but there was no such luck for Germany during the Euro 2024 football tournament.
The French private sector expanded for the first time since April on the back of the Games but a collapse in manufacturing sparked a slowdown across the eurozone.
Going for gold: Paris Olympics boosts French economy
And Germany’s business activity contracted for the second month in a row, after the Euros failed to revive growth in June. An index tracking French private sector output rose by more than three points in August to 52.7, a 17-month high, from 49.1 in July. A figure above 50 points shows an expansion in activity.
Meanwhile in Germany – the eurozone’s largest economy – business activity contracted in August for the second month in a row.
A closely watched index fell to 48.5 in August from 49.1 in July, below the 49.2 forecast in a Reuters poll.
It comes after the index fell to 50.4 in June from a one-year high of 52.4 a month earlier, despite Germany hosting Euro 2024 that month.
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