The Eurozone economy contracted at its fastest pace in three years, while the manufacturing sector began to decline to extend to the services sector, according to PMI data published by Standard & Poor's."
The index fell to 47 points in August from 48.6 points in July. Any drop below the 50-point mark indicates deflation. This figure is the lowest since November 2020, when the world plunged into an economic crisis due to the Covid pandemic."
The Eurozone will shrink by 0.2 percent in the third quarter. The data showed that the services sector saw a decline in August, recording its first contraction in activity since last December.
Source (Al Khaleej Emirati Newspaper, Edited)
