The Euro-zone’s economic downturn deepened in September, 2022 with business activity contracting for a third consecutive month, a new survey by S&P Global has showed.
The report found that manufacturers across the 19-country euro-union were hit hard by skyrocketing energy and food costs, with the purchasing managers index (PMI) sinking to its lowest level since 2013.
The PMI, which is seen as a good gauge of overall economic health, fell from 48.9 in August to 48.2 in September, 2022.
A Euro-zone recession is on the cards, Williamson warned, noting Germany is facing the toughest conditions, with the economy deteriorating at a rate not seen outside of the pandemic since the global financial crisis.
Overall demand in the Eurozone plunged to its lowest mark since November 2020, when the continent was in the grips of the second wave of the Covid-19 pandemic.
The business expectations index also declined, slipping to 53.8 from last month’s 56.6, its lowest reading since May 2020.
S&P Global expects the euro area’s economy to shrink by 0.1% in the third quarter.
RT. com / ABC Flash Point News 2022.