World, As Seen from the most beautiful islands: Ireland and Cyprus

November brought second wave and the lockdowns, Eurozone PMI plummeted


Activity in the euro area’s services sector fell sharply in November as a result of the second wave of Coronation in Europe. Sectors such as retail, catering, aviation and tourism faced the increasing number of COVID-19 and new lockdowns. Market researcher Markit reported this on the basis of his Purchasing Manager Index reflecting activity in the service sector.

According to Markit, the index for the euro area countries reached a final balance of 41.7. This means that the gauge has dropped to the lowest level since May and the third month is recorded with shrinkage in a row. A level of 50 or more indicates growth, including a contraction of activity.

In all the major economies of the euro area, services were shrinking last month, especially in Spain, Italy and France. In Germany, the decline was a little less strong. The composite index of services and industry in the euro area recorded a level of 45.3 for November. This means that economic activity in the euro area shrunk last month.

The Markit index for the British service sector recorded a position of 47.6 before November, which means that it also declined after growth in the previous month. Thus, the indicator for the large services sector in the United Kingdom has fallen to its lowest level since June.

Retail sales in the euro area increased in October, before many European countries went back into partial lockdowns due to the second wave. According to the European statistical office Eurostat, retail sales climbed by 1.5% that month compared to September, when sales were still down by an adjusted 1.7%.

Moreover, sales increased more than expected, as economists had estimated an average plus of 0.7 per cent. According to Eurostat, sales of food, beverages and tobacco went up, as did those of non-food products such as cleaning products and toilet paper. The internet sales were also in the elevator. Sales of clothing and fuel just dropped.

Sales of shopkeepers increased by 1.5% throughout the European Union in October. In September, there was a decrease of 1.3%.

Written by: Liam O'Reilly

Liam O'Reilly is the founder of the publication, a former analyst at a major reputation agency in the UK, who chose Cyprus as his home.

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