Eurozone’s economy continues to deteriorate at ‘alarming pace’

by Rebecca Clancy, Telegraph UK  |  published on November 22, 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.

“The final three months of the year could see GDP fall by as much as 0.5pc.”

Output fell sharply in both the manufacturing and service sectors and, while the former saw the rate of contraction ease slightly, the latter saw business activity fall at a rate not seen since July 2009.

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