Economic growth in the Eurozone fell to a nine-month low in December, following a brief acceleration in November, returning to the downward trend that has shaped the last wave of the pandemic.
In particular, the composite PMI, which combines manufacturing and services, fell to 53.3 points in December from 55.4 in November, the IHS Markit announced today. This is the lowest level since March.
The PMI for services, meanwhile, fell to its lowest level since April at 53.1 points in December from 55.9 points in November as the industry is hit hard by rising coronavirus infections.
Earlier this week, IHS Markit announced that its manufacturing PMI had fallen to 58.0 points in December from 58.4 in November, the lowest level in ten months.
“The acceleration we saw in November was unfortunately short-lived. Amid the resurgence of COVID-19 cases across the Eurozone, growth slowed in December to a weaker pace than in March,” said Joe Hayes, Senior Economist .
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Source From: Capital
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