Euro zone firms report slowdown in business momentum, ECB says

  • 📰 IrishTimes
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 98%

Business News News

Business Business Latest News,Business Business Headlines

Expansion in services likely to offset manufacturing recession

Euro zone firms have recorded a further slowdown in business momentum but overall economic growth is likely to remain positive as expansion in services offsets a manufacturing recession, a European Central Bank quarterly survey of firms showed.Euro zone firms have recorded a further slowdown in business momentum but overall economic growth is likely to remain positive as expansion in services offsets a manufacturing recession, a European Central Bank quarterly survey of firms showed.

The souring mood among the 95 large non-financial firms surveyed reflected growing concerns about competitiveness, uncertainty about the green transition, high costs and worries over political developments. All this adds up to a further moderation in price growth, the firms said, possibly bolstering the case for the ECB to cut interest rates quickly.The automotive sector was among the weakest and this had a knock on effect on the broader manufacturing sector as overall demand was weak and demand for battery electric vehicles was also waning, the ECB added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines