Euro zone business activity shrinks sharply in Nov as lockdowns bite | Malay Mail

Monday, 23 Nov 2020 05:11 PM MYT

The bloc’s economy is on track for its first double-dip recession in nearly a decade, a Reuters poll suggested last week, and today’s Purchasing Managers’ Index backed up that finding. “The data add to the likelihood that the euro area will see GDP contract again in the fourth quarter.” However, manufacturing has fared better as many factories have remained open and its flash PMI held well above the breakeven mark at 53.6 in November, albeit below October’s 54.8. The Reuters poll had predicted 53.1.

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