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Business News

Eurozone downturn set to gather pace

The eurozone is on course for a deepening recession in the final quarter of 2012 as the worst slump in activity for more than three years looms. The financial data provider Markit's snapshot of manufacturing and services output across the region – where a score under 50 signals contraction – was stuck at 45.8 in November, close to its lowest since June 2009.

Markit's chief economist, Chris Williamson, warned: "The downturn is set to gather pace significantly in the fourth quarter. The final three months of the year could see GDP fall by as much as 0.5 per cent."