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Euro zone economy on track for double-dip recession

The euro zone’s economic recovery stalled last month as a second wave of coronavirus cases and restrictions imposed to try and contain it whacked activity in the bloc’s dominant service industry, pointing to a double-dip recession, a survey showed.

Alongside their peers, Germany and France — the 19-country bloc’s two biggest economies — have reimposed tough lockdown measures, likely dealing a heavy blow this month as restaurants, gyms and shops remain closed and citizens stay at home.

“With lockdown measures being tightened, it is becoming increasingly hard to see how the euro zone economy will avoid falling back into decline,” said Chris Williamson, chief business economist at survey compiler IHS Markit.

“For all countries the outlook has grown increasingly dark.”

The euro zone economy contracted 11.8% in the second quarter but expanded a much-better-than-expected 12.7% in July-September after many lockdown restrictions were eased, official data showed on Friday.

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About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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17 Country

300.000 Employees

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