The level of growth in business activity within the Eurozone [nations using the euro currency] has fallen for the thirteenth successive month, reaching its lowest level since December 1998, according to the Reuters Eurozone Composite Output Index compiled by NTC Research.
The index, constructed from surveys covering 74% of the Eurozone’s private sector economic activity, fell from 52.0 in April to 51.0. Any figure above 50.0 represents growth, but the latest results stand in stark contrast to April 2000’s peak of 62.5.
Commented economists at NTC: “While the slowdown further confirms the gathering impact of weaker US economic growth on exports of goods and services, the widespread nature of the downturn in the Eurozone also reflects weakened domestic demand from businesses and consumers.”
News source: Reuters; NTC Research