Germany’s service sector is contracting at its fastest pace for three-and-a-half years
Business activity in the eurozone continued to contract in November, a survey suggests.
The Markit eurozone Purchasing Managers’ Output Index was little changed from October, up to 45.8 from 45.7. A reading below 50 indicates contraction.
A sharper rate of decline in the services sector was offset by a modest improvement among manufacturers.
The survey also warned of a 0.5% drop in GDP in the fourth quarter.
But sentiment among services businesses fell to the lowest since March 2009, said Markit.
Firms also continued to cut employment at the second-fastest rate since January 2010.
“The eurozone economy continued to deteriorate at an alarming pace in November, and is entrenched in the steepest downturn since mid-2009,” said Chris Williamson, chief economist at Markit.
“Officially, the region saw only a very modest slide back into recession in the third quarter, with GDP falling by a mere 0.1%, but the PMI suggests that the downturn is set to gather pace significantly in the fourth quarter. The final three months of the year could see GDP fall by as much as 0.5%,” he added.
“Firms have clearly become increasingly anxious about the economic outlook and are seeking to control costs as much as possible. All this suggests that any swift return to growth is unlikely.”
Concern is focused on Germany’s service sector, which is contracting at its fastest pace in three-and-a-half years.
Eurozone economies are struggling as governments focus on reducing debt levels following the financial crisis by cutting spending and increasing taxes, measures that are undermining growth.
Eurozone output contracts again http://news.bbcimg.co.uk/media/images/62443000/jpg/_62443836_015331072-1.jpg
ليست هناك تعليقات:
إرسال تعليق