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France’s economy received a boost from the Olympics this month, but Germany was not so lucky during the Euro 2024 football tournament.
France’s private sector expanded for the first time since April thanks to the Games, but a collapse in manufacturing triggered a slowdown across the eurozone.
In search of gold: Paris Olympics boost French economy
And German business activity shrank for a second straight month after the euro failed to revive growth in June. An index measuring French private sector output rose more than three points in August to 52.7, a 17-month high, from 49.1 in July. A reading above 50 points shows activity expanding.
Meanwhile, in Germany – the eurozone’s largest economy – business activity contracted for a second consecutive month in August.
A closely watched index fell to 48.5 in August from 49.1 in July, below the 49.2 forecast in a Reuters poll.
This 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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