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Eurozone economy shrinks Dec 2023 for 18 straight month

London, Jan 2 (Prensa Latina) Manufacturing activity in the Eurozone downgraded in December 2023 for 18th consecutive month, as indicated on Tuesday by the final Purchasing Managers' Index (PMI).

The survey stated the Eurozone manufacturing PMI reached 44.4% in December 2023, down from 44.2% in November, failing to break the 50-point mark that separates activity growth from contraction.

This is a pessimistic trend that points strongly to a contraction in eurozone gross domestic product (GDP) in the final quarter, explained Hamburg Commercial Bank chief economist Cyrus de la Rubia.

Although the decline in new orders registered a moderate decline in December it continued below 50 points as it did during 2023.

One part of December activity was related to old orders, according to the order backlog index, suggesting that manufacturers do not expect an imminent turnaround.