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Eurozone Growth Slumps to 20-Month Low
Economic expansion in the 19-member eurozone slowed in September to its weakest pace in 20 months, mainly because of a sluggish German economy, according to IHS Markit’s purchasing managers’ index.
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Economic expansion in the 19-member eurozone slowed in September to its weakest pace in 20 months, mainly because of a sluggish German economy, according to IHS Markit’s purchasing managers’ index.
The measure of business activity declined to 52.6 this month from 52.9 in August, the Associated Press reports. Any number above 50 signifies growth. This month’s report says overall expansion in the third quarter will be a “sluggish” 0.3%.
The manufacturing sector expanded at its strongest rate in 10 months, according to the analysis. But activity in the service sector slumped.
There were sharp differences in the performances of individual member states too. France’s business activity posted its strongest gain in 16 months, while Germany’s growth sagged to a 16-month low. It was the first time the French economy outpaced Germany in more than four years.
The index report says the eurozone’s economic health remains “fragile” and has not yet shown real traction. Analysts have been expecting the European Central Bank to roll out new economic stimuli before year-end.
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