Eurozone manufacturing sector contracts in Q4 ’23, recession likely

A new survey showed that the Eurozone manufacturing sector remained stuck in contraction at the end of 2023, with another strong reduction in output, Reuters reported on Thursday.

The Hamburg Commercial Bank (HCOB) Eurozone Manufacturing PMI, compiled by S&P Global, rose marginally in December to 44.4 from 44.2 in November.

The headline index remained in sub-50.0 territory, indicating a further month of deteriorating operating conditions faced by factories across the single-currency union, the survey added.

That indicated that the 20-country currency union, which shrank 0.1 per cent in Q3 2023, likely contracted again in Q4, meeting the technical definition of a recession.