Economic growth in the eurozone is holding up against high inflation and the consequences of the Russian war in Ukraine, a key survey showed on Tuesday.

The closely watched monthly purchase managers’ index by S&P Global said a post-pandemic jump in tourism and entertainment compensated for slowdowns at factories that have been beset by supply chain problems and high prices.

Despite the headwinds, the index, based on business surveys, fell only slightly to 54.9 from 55.8 in April, returning to its March level and well above its long-term average. A figure above 50 indicates growth.

It remains to be seen how long this rebound can persist, especially given the rising cost of living and as manufacturing problems spill over to the bigger economy- Chris Williamson, chief business economist at S&P Global Market

The European economy “is being boosted by pent-up demand for services as pandemic-related restrictions are wound down,” said Chris Williamson, chief business economist at S&P Global Market. However, he added, it remains to be seen how long this rebound can persist, especially given the rising cost of living and as manufacturing problems spill over to the bigger economy.The survey said France recorded the strongest expansion while Germany, the eurozone’s biggest economy, gained a little momentum as its manufacturing sector recovered slightly from a downturn in April.