Euro zone business activity has deepened far more than thought this month in a broad-based fall across the region, a survey showed.
People walk past a restaurant at the Butte Montmartre in Paris, France, July 10, 2023. REUTERS/Sarah Meyssonnier/File PhotoLONDON, Aug 23 - The downturn in euro zone business activity has deepened far more than thought this month in a broad-based fall across the region, particularly in Germany, Europe's largest economy, a survey showed.
That was well below the 50 mark separating growth from contraction and lower than all expectations in a Reuters poll which had predicted a slight dip to 48.5. "The service sector of the euro zone is unfortunately showing signs of turning down to match the poor performance of manufacturing," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
The ECB embarked on its most aggressive policy tightening path in July 2022 but will pause in September, according to a narrow majority of economists, although a further rise in interest rates by year-end is still on the cards with inflation running hot.
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