The Euro Area economy continues to struggle and is set to enter a technical recession in the coming weeks. According to data provider HCOB, business activity in the Euro Area fell at a steeper rate in December, closing off a fourth quarter which has seen output fall at its fastest rate for 11 years barring only the early-2020 pandemic months.
Commenting on the data, Dr. Cyrus de la Rubia, HCOB chief economist said,
‘Once again, the figures paint a disheartening picture as the Eurozone economy fails to display any distinct signs of recovery. On the contrary, it has contracted for six straight months. The likelihood of the Eurozone being in a recession since the third quarter remains notably high.’
