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Eurozone economic recovery floundered in September

5 Oct 2020 03:07 PM

New data has showed that the eurozone economy recovery struggled in September, with restrictions to fight the pandemic weighing down the service sector in particular.

The disappointing numbers underlined the challenging conditions the bloc faces after suffering the worst recession in its history in Q2, when the economy contracted 11.8%.

The ECB is planning a monetary stimulus package amounting to 1.35 trillion, while the EU has announced a fiscal stimulus package of 750 billion starting next year.

Meanwhile, the Eurozone PMI composite fell from 51.9 to 50.4 points, barely within the growth range (above 50.0). The services sector, which accounts for two-thirds of the eurozone’s GDP, had a PMI reading down from 50.5 to 48.0 points.

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