Recession looms over Europe

A gloomy outlook in recent surveys indicates the eurozone is almost certainly heading into recession as the cost of living crisis continues to deepen


EUROZONE PMI COMPOSITE OUTPUT*

Anything below 50 indicates contraction

Economies rebound as Covid restrictions are relaxed

48.9 AUGUST
49.9 JULY

Jan 2020, Covid-19: Countries endure lengthy lockdowns, emerging Spring 2021

Feb 2022: Russia invades Ukraine

Sep 1: Russia closes Nord Stream 1 gas pipeline to Europe

70 
60
50 
40 
30
20
10
	2018 2019 2020 2021 2022
 

*S&P Global Eurozone PMI Composite Output tracks business trends across both manufacturing
and service sectors, based on data collected from over 5,000 companies


Sources: Reuters, Trading Economics, S&P Global 
Picture: Liza Summer (Pexels) 
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