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Eurozone: confidence improves in December, but the recession continues

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The index developed by Markit on confidence in the Eurozone rose to 47,3 points, the best figure in the last nine months, but remains below the fateful threshold of 50 points - Manufacturing and services index recover - Data indicate a drop in GDP around 0,5%.

Eurozone: confidence improves in December, but the recession continues

Confidence improves in the Eurozone in December, but the recession continues. The composite PMI index elaborated by Markit, in fact, it rose from 46,5 points in November to 47,3 points, the highest figure in the last nine months, higher than the consensus at 46,8 points, but still lower than the 50-point threshold that demarcates growth and contraction.

Sthe PMI manufacturing index is also up, the highest for nine months at 46,3 points from 46,2 in November. In this case, the forecasts of analysts who expected growth of up to 46,6 points were disappointed. The services index rose to 47,8 points from 46,7 in November.

Despite the improvement in the indices, however, "There is a strong suspicion that a progressive worsening of the recession in the euro area could emerge in the final quarter of the year - explains a Markit economist -, the data are consistent with a contraction in GDP of around 0,5%".

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