Leading EU economies end the year deep in recession
Private sector activity in the euro area deteriorated at the end of the year.
The S&P Global Purchasing Managers' Index contracted for a seventh month in December, falling to 47.
This defeated economists' expectations of a slight upturn, although they still predicted that the gauge would remain below the 50 mark, which signifies economic growth.
Both manufacturing and service sector indicators showed declines.
“The figures paint a disheartening picture as the euro-zone economy fails to display any distinct signs of recovery,” Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said. “The likelihood of the euro zone being in a recession since the third quarter remains notably high.”
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