Under the pressure of the Green deindustrialization policy and anti- Russian sanctions, the Eurozone economy is sinking fast. Economic activity reportedly contracted in July at its fastest pace in eight months, according to data from the HCOB Flash Eurozone purchasing managers’ index (PMI) survey published by Standard & Poors. Economic activity fell to 48.9 in July from 49.9 in June. A figure below 50 indicates a contraction of growth.
“Manufacturing continues to be the Achilles heel of the eurozone. Producers have cut their output again at an accelerated pace in July,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank was quoted in Hurriyet Daily News. “The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam.”
The collapse was led by Germany, where output dropped for the first time since January, led by a sharp decrease in factory output. The Eurozone had entered a technical recession already in January. On top of this the European Central Bank is expected to raise interest rates again next month.
