The recession continues to worsen in the Eurozone. In March even Germany, which in recent months seemed to have embarked on the road to recovery, returned close to stagnation.
Last month the composite PMI index elaborated by the research firm Markit Economics on the entire currency area it dropped to 46,5 points, from 47,9 points in February. Therefore, the distance from the fateful threshold of 50 points increases, which marks the border between expansion and contraction. The figure released today - the lowest for four months - is in line with that provided in the preliminary estimates. The PMI services index, however, fell to 46,4 points from 47,9 in February (the preliminary estimate was 46,5 points).
Overall, Markit notes that the PMI has signaled output declines over the past 19 months, with the only exception of a small increase early last year.
As for theItaly, the indicator relating only to service sector companies rose to 45,5 points, from 43,5 in February. In France the PMI services index dropped to 41,3 (43,7 in February), while in Germany the drop was even more abrupt: from 54,7 to 50,9.
