Eurozone Ends 2021 With Nine-Month Low Economic Growth

Source: IHS Markit

The Eurozone closed 2021 with a nine-month low economic growth, dragged by the resurgence of COVID-19 infections. EZU is up 0.52% premarket.

• The IHS Markit Eurozone PMI Composite Output Index declined to 53.3 in December from 55.4 in November. This is the slowest since March.
• The decline was attributed to the weak performance of the eurozone’s dominant services at the composite level.
• Manufacturing output was unchanged from November, hitting the second-weakest in one-and-a-half years and brought goods production growth subdued.
• Demand for goods and services grew at the slowest pace since March, while new business from overseas clients was hit by the emergence of the Omicron variant.
• IHS Senior Economist Joe Hayes said the detection of the new variant caused hesitancy among customers, and slower growth was seen across the board.