The Eurozone Purchasing Managers' Index (PMI) Composite Output Index further declined in September, landing at 48.2, the S&P Global revealed in its flash report on Friday, APA reports citing Reuters.
The figure fell from the August reading of 48.9 and hit the lowest point in 20 months.
In addition, both the Eurozone Services PMI Activity Index and the Eurozone Manufacturing PMI continued the downward trend in September, falling to 19 and 27-month lows, to stand at 48.9 and 48.5, respectively.
"A eurozone recession is on the cards as companies report worsening business conditions and intensifying price pressures linked to soaring energy costs," Chief Business Economist at S&P Chris Williamson said. He noted that the flash readings indicate an economic contraction in the third quarter, "with the rate of decline having accelerated, [signaling] the worst economic performance since 2013, excluding pandemic lockdown months."
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