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Across the eurozone, factories are slowing down and could be on the brink of grinding to a halt. At least, that’s the verdict from the latest survey of eurozone business activity.
For the third month in a row, the private sector economy is in contraction. And now even stronger nations, like Germany, aren’t immune from the dangers of recession.
“With that composite figure falling down below that 50 mark, that’s definitely putting Germany close to contraction in Q4 – probably stagnation at best. And then that means heading into the New Year with the new indices for both manufacturing and services both signaling contraction. New export orders was a weak figure coming out of last week. What that might well be enough to push Germany down into recession territory.”
Overall, Markit says the eurozone is heading for a contraction of 0.6% in the fourth quarter. And of the region’s 17 nations, Italy will take the biggest knock – with its GDP set to collapse by 1%.
The figures will increase the pressure on eurozone leaders who are set to meet this week to discuss a plan to save the euro.
Bottom line: Surveys of business activity in November suggest that all major eurozone countries are contracting, and could now face the risk of recession.