Saturday , October 23 2021

In October euro area economic growth continued to slow down



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The composite index of industrial and industrial BMI data was higher in October than in the previous 52.7 points but still declines to 53.1 from 54.1 points in September.

The final compound BMI in October was the lowest since September 2016.

The BMI value of more than 50 points quantifies the rate of growth of the performance of the economic activity under review and its value below 50 points is the rate of contraction.

Both components of composite BMI, industry and BMI services also declined in October compared with September. The performance of the manufacturing industry in October was the slowest in four years in October, and the service industry was the slowest since early 2017.

The composite BMI showed the most lively growth in Ireland in October, but the 56.1 points achieved were still the lowest in seven months. The French composite BMI in October reached 54.1 points two months, with 53.7 points in Spain for 4 months and with German 53.4 points five months low.

"Eurozone companies have reported a disappointing quarterly start," said Chris Williamson, chief economist at IHS Markit, as a result of sluggish commercial objections, diminishing geopolitical uncertainties and risk aversion to markets as a cause of the slowdown.

(MTI)

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