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Eurozone economic activity downturn eases in December

The Eurozone Purchasing Managers' Index (PMI) Composite Output Index landed at 49.3 in December, the S&P Global revealed in its report on Wednesday. The figure came above November's reading of 47.8, caused by the easing of inflation which led to private sector business activity shrinking at the softest pace since July 2022.

Eurozone Services Business Activity Index rose to 49.8 in December, up from 48.5 in the previous month, signaling the lowest decrease since August.

"Cooling price pressures have helped temper the decline in economic activity levels," Senior Economist at S&P Global Market Intelligence Joe Hayes commented. However, he added that "there is little evidence across the survey results to suggest the eurozone economy may return to meaningful and stable growth any time confidence remains bogged down by recession concerns, energy cost uncertainty, and persistently high inflation and a tightening of financial conditions."

Baha Breaking News (BBN) / MX