Eurozone’s economy continues to deteriorate at ‘alarming pace’
The eurozone has seen an ongoing steep decline as data shows the combined economy of the 17-nations is entrenched in the steepest downturn since mid-2009.
By Rebecca Clancy
22 Nov 2012
The flash estimate out this morning by Markit shows the PMI Composite Output Index was little-changed in November up to 45.8 from 45.7 in October.
October’s reading had been the lowest since June 2009.
Activity has now fallen in 14 of the last 15 months, with the exception being a marginal increase seen in January.
Chris Williamson, chief economist at Markit said the eurzone economy continued to deteriorate at an “alarming pace”.
“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,” he said.