More stagnating symptoms for European economy. Trade activity in the Eurozone grew in November at its weakest rate in almost four years, as stated by Purchasing Managers Index (PMI) composited of the total activity of the Eurozone, which measures European companies’ entrepreneurial activity.
Concretely, PMI composite index registered 52.4 points in the eleventh month of the year, ahead of the 53.1 points it scored last October, according to the consultant IHS Market’s research.
Chris Williamson, chief economist of HIS Market, has explained that the European economy is facing a discouraging end of the year, after adding that other indicators as the reception of orders by the industry are currently low.
IHS Market states that European economy is facing a discouraging end of the year
In fact, the service sector’s commercial activity PMI and the manufacturer sector’s production PMI both dropped in November. The former obtained 52.1 points, standing at minimums from 25 months ago, whereas the latter registered 51.5 points, the lesser amount of the last twenty months.
The data follows the same direction as the predictions of the International Monetary Fund (IMF) on European economy. The organism reduced the growth predicted for the Eurozone this year in two-tenths of a point, a 2.2%.
IMF has also modified its predictions for Spain, setting the growth of Spain’s Gross Domestic Product (GDP) at 2.5%, two-tenths of a point below the estimations calculated in July.
Following that same line there is OCDE, which modified its predictions for Spain, claiming that this year, it would grow at a rate of 2.6%, two-tenths below what it had predicted last May.