Euro zone heads for winter recession

Downturn in the euro zone economy has deepened as high inflation, fears of an intensifying energy crisis hit demand

LONDON:

The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession. A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. German industrial orders also slumped more than expected in September as foreign demand sank, putting Europe’s largest economy on course for recession. S&P Global’s final composite Purchasing Managers’ Index (PMI) for the euro zone fell to a 23-month low of 47.3 in October from September’s 48.1, albeit just above a preliminary 47.1 estimate.

Published in The Express Tribune, November 5^th, 2022.

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