AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

BRUSSELS: Eurozone economic activity plunged in November, a key survey showed on Monday, due to a resurgence of lockdowns across Europe as the second wave of the coronavirus tightened its grip.

"The eurozone economy has plunged back into a severe decline in November amid renewed efforts to quash the rising tide of COVID-19 infections," said Chris Williamson, chief economist at IHS Markit.

The firm's closely watched PMI index plummeted to 45.1 points from 50.0 points in October, well below the key 50-point level which indicates growth. IHS Markit said this offered a clear indication that the economy in the 19-member single currency area would stumble back into recession in the fourth quarter, erasing any gains seen over the middle of the year.

Importantly, "the further downturn of the economy... represents a major set-back to the region's health and extends the recovery period," Williamson said. All was not bleak, with survey results demonstrating emerging optimism for a better recovery next year on the back of signs effective vaccines were close at hand.

Still, IHS Markit said it forecast the eurozone economy would contract by a historic 7.4 percent in 2020 and expected a recovery of just 3.7 percent in 2021. IHS Markit said the downturn in November was broad but would hit the service sectors the hardest, especially those most constrained by the partial lockdowns.

France, the bloc's second-biggest economy, was particularly hard-hit with a result of just 39.9 points on the PMI, indicating a very deep downturn. The eurozone's number one economy, Germany, managed to show expansion in the period, probably buoyed by factory exports to Asia and a relatively lower rate of coronavirus infections.

Comments

Comments are closed.