According to the Markit composite purchasing managers index (PMI) Germany's manufacturing and services sectors declined from 53.3 in February to 50.6 last month. In the PMI, less than 50 usually points towards recession.
France's PMI figures declined to 41.9 points, the lowest since March 2009. PMI figures for the eurozone also fell by 1.4 points to 46.5 in March.
One of the Chief Economists at Markit said this data does not point to an economic recovery. Because of all of Europe's debt and political problems, businesses are struggling which is deepening the recession.
The reason Germany's stagnation is really highlighted is because even when all the other Eurozone economies are struggling, Germany seems to be the lone ranger performing and not shrinking.
Italy's election and the Cyprus bail-outcould are also considered as being reason for low economic figures last month.
No comments:
Post a Comment