Euro zone economy on track for double-dip recession - PMI
Euro zone economy on track for double-dip recession - PMI
The euro zone’s economic recovery stalled last month as the second wave of coronavirus cases and restrictions imposed to try and contain it whacked activity in the bloc’s dominant service industry, pointing to a double-dip recession, a survey showed.
Alongside their peers, Germany and France -- the 19-country bloc’s two biggest economies -- have re-imposed tough lockdown measures, likely dealing a heavy blow this month as restaurants, gyms and shops remain closed and citizens stay at home.
The eurozone economy contracted 11.8% in the second quarter but expanded a much-better-than-expected 12.7% in July-September after many lockdown restrictions were eased, official data showed on Friday.
