FIEE - Is The Eurozone Heading For A Recession?
Back down with a bump
Driven initially by a slowdown in exports, eurozone growth weakened markedly through 2018, culminating in a 1.2% y/y increase in GDP in Q4, the weakest pace of expansion in almost five years. IHS Markit's composite PMI suggests the underlying weakness will continue.
The same applies to global trade, with the IHS Markit global PMI for new export orders in contraction territory in each of the past five months.
On a three-month moving average basis, the y/y rate of change in eurozone industrial production fell into negative territory in November for