Decline in business Activities in Europe Slow Down

Friday’s survey showed that the decline in business activities in Eurozone had receded sharply, the recent decline as a result of public isolation measures to halt the spread of Corona as more companies resume their activities.

Nearly 11 million people worldwide have been infected with Covid-19, but the restrictions have eased with a decrease in the infection rate in Europe.

The European Central Bank expanded its purchases of bonds to a total of 1.35 trillion euros last month while the government introduced packages of fiscal stimulus. The results of these measures were shown in PMI, as it rose to 48.5 after recording an initial level of 47.5 in June, compared to 31.9 posted in May.

A Reuters poll forecast showed that the eurozone economy contracted at an unprecedented pace of 12.5% ​​in the past quarter, but is growing by 7.9% in the current quarter.