The Paris Olympics has provided a boost to the eurozone economy after a sharp rise in spending as athletes and spectators descended on the French capital for the summer sporting event. Business output in France hit its highest in 17 months, driven by a surge in the service sector during the Olympic festivities, showcasing how global events can catalyze significant economic activity, particularly in tourism and related services.
However, experts warned the Olympic boost masked a more disappointing performance elsewhere, amid a slowdown in activity across the eurozone led by a collapse in manufacturing output, particularly in Germany. While France may celebrate the Olympic windfall, the eurozone's mixed economic signals highlight the precarious nature of growth reliant on transient events rather than sustained recovery, especially as concerns grow over underlying instability in manufacturing sectors.
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