The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession.
That was below the 50 mark separating growth from contraction for a third month and shy of a preliminary estimate for 47.0. “The disappointing numbers contributed to a downward revision of our GDP ‘nowcast’ which stands now at –0.1 per cent for the third quarter.” The new business index, a gauge of demand, dropped further below break-even to 46.7 from 48.2, a low not seen since early 2021.
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