The global economy has enjoyed accelerating momentum so far in 2018, according to PMI data.
The JPMorganComposite Output PMI™, compiled by IHS Markit from its various national surveys, hit 54.8, up from 54.6 in January and indicating the fastest pace of growth since September 2014. The latest surveys are broadly consistent with global gross domestic product growth accelerating to an annual rate of 3% at market exchange rates.
Similar robust expansions were seen in manufacturing and services in February, though while the former slowed, the latter saw growth hit a near-three year high.
A major development in recent months has been a marked improvement in emerging markets, for which the PMI data have been signalling the fastest rate of expansion for five years, albeit with a slight loss of momentum in February. Developed world growth meanwhile kicked higher in February, indicating the steepest expansion since March 2015.
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