Euro zone economy likely entered recession last year

January 02, 2024

Euro zone factories ended 2023 on the back foot, with activity contracting in December for an 18th straight month, according to a survey which gave scant signs of any imminent strong bounceback in an economy likely in recession. The pessimistic trend strongly pointed to a contraction in euro zone GDP last quarter, Hamburg Commercial Bank's chief economist Cyrus de la Rubia said. "Amid a relentless slump in the manufacturing sector of the euro zone, the HCOB PMI has shown little improvement compared to November. It paints a bleak picture for the euro zone and would mean that the euro zone entered a recession in the third quarter," de la Rubia said. Photo: ReutersThe 20-country euro zone will endure a short and shallow winter recession, an early December Reuters poll found.

The source of this news is from Tuoi Tre News