London-Sana
The Eurozone Purchasing Managers' Index revealed a sharp contraction of industrial activities last July to the lowest level in 25 months, as new industrial orders fell at the worst rate since the sovereign debt crisis in 2012.
The Purchasing Managers' Index (PMI) for the industrial sector in the euro area fell to 49.8 points in July, down from 52.1 in June, recording a reading below 50 points for the first time since June 2020.
This decline increases the risks of recession that the region is facing due to the impact of the disruption of energy supplies.
The purchasing managers' index in the industrial sector gives an overview of the state of the economy in the manufacturing and services sector and expresses operating and working conditions in the non-oil private sector. A reading above 50 indicates expansion.
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