Eurozone growth is at its lowest level in nine months due to the fourth COVID wave: IHS Markit

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According to the UK-based IHS Markit, the eurozone economy has been hit further by COVID-19, with rising levels of infection slowing growth in the service sector and disappointing in 2021. Germany has been hit particularly hard, with the economy stagnating for the first time in a year and a half, but growth has slowed extensively across the region.

But there is encouragement from the manufacturing industry, which is showing signs of easing the burden on the supply chain, which in turn has helped restore factory production, he said.

These easing supply constraints eased some of the upward pressure on inflation, but overall inflation in December was still the second highest ever. Inflation could peak soon, but the rate of increase remains rising, he said in a press release.

According to IHS Markit, the eurozone economy has been hit further by COVID-19, with rising levels of infection slowing growth in the service sector and disappointing in 2021. Germany has been hit particularly hard, with the economy stagnating for the first time in a year and a half, but growth has slowed extensively across the region.

Going forward, as the world heads towards 2022, Omicron variants pose a downside risk to growth prospects, and the resulting supply chain disruptions could cause price pressures to skyrocket again.

Zone Headline IHS Markit Eurozone Composite Purchasing Manager Index (PMI) fell 2 points from 55.4 in November to 53.4 in December, the lowest production growth rate since March, according to the “Flash” reading. Shows mitigation. ..

The December slowdown was led by the services sector, where business activity grew at the slowest growth rate since April. The slowdown in service sector activity is a sharp decline in viewing and recreational activity on a scale similar to the decline seen earlier this year, amid rising COVID-19 infection rates and associated regional restrictions. Caused by

According to IHS Markit, the influx of new businesses into the eurozone services sector has also slowed, dropping to its lowest level since the recovery from the blockade in early 2021 began in May.

By country, Germany’s growth stagnated, ending a 17-month recovery, with the first decline in new orders for goods and services since June 2020. The new downturn in services sector activity outpaced the recovery in manufacturing production growth.

France, on the other hand, continued to grow at a steady pace, although it fell in November. This is because the relatively resilient services sector has helped offset the second decline in manufacturing production in the last three months.

The rest of the region recorded the slowest expansion since April, with growth slowing in both manufacturing and services, but growth was well above the long-term average.

Fiber2Fashion News Desk (DS)

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Eurozone growth is at its lowest level in nine months due to the fourth COVID wave: IHS Markit

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The post Eurozone growth is at its lowest level in nine months due to the fourth COVID wave: IHS Markit appeared first on Eminetra.

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