Euro zone recovery lost momentum in August
Friday, 09 04 2020, Category: Economy, Country: Europe
The euro zone’s rebound from its deepest economic downturn on record faltered in August, surveys showed on Thursday, with some countries in the bloc suffering more than others from restrictions imposed to limit the spread of the coronavirus.
Overall growth in the dominant service industry - which has been harder hit than manufacturing from lockdown measures - almost ground to a halt, suggesting the long road to recovery will be bumpy.
Last quarter the bloc’s economy contracted 12.1% as lockdowns led to businesses being shuttered and citizens staying home, official data showed.
A Reuters poll last month predicted a bounceback this quarter with growth of 8.1% but said a full recovery would take two years or more.