Global Economic Collapse: Eurozone recession draws nearer as German private sector shrinks for first time since 2013

Ben Chapman The Independent. September 23, 2019

The prospect of the eurozone falling into recession is looming larger after a further sign of deep problems in Germany, Europe’s largest economy.

Survey data suggests Germany’s private sector shrank in September for the first time since 2013, when the eurozone was still dealing with the fallout from a sovereign debt crisis.

Car makers on the Continent warned today that a no-deal Brexit put millions of jobs and billions of euros in revenue at risk.

The latest survey of manufacturers and service businesses in Europe’s largest economy delivered a further sign that Germany is entering a recession and could drag the eurozone with it.

The two sectors, which make up more than two-thirds of Germany’s economy, contracted in September, according to Markit’s Purchasing Managers’ Index (PMI) survey.

It came after car manufacturers warned that millions of jobs could be adversely affected if the UK leaves the EU without a deal next month.