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Eurozone economy breaks record in April | message


FRANKFURT (Dow Jones) – The Euro zone saw the worst slump in economic output ever recorded in April due to the corona virus pandemic. The collective index for the production of the private sector in the euro zone, which includes industry and services, fell to a record low of 13.6 points from 29.7 in the previous month, as the IHS Markit Institute reported in a second publication.

With the first identification, a decline to 13.5 points was reported. Economists had expected this value to be confirmed. The Markit Institute’s economic barometer signals growth from 50 meters.

“The survey data signal a roughly 7.5 percent decline in GDP on a quarterly basis, far exceeding the sharpest decline in economic output during the global financial crisis,” said IHS Markit chief economist Chris Williamson. “The number of employees is currently falling at an unprecedented rate.”

The purchasing manager index (PMI) for the service area fell to 12.0 points from 26.4 in the previous month. The first data ID had reached a level of 11.7, which was expected to be confirmed economically.

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(END) Dow Jones Newswires

May 06, 2020 04:11 ET (08:11 GMT)

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