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Growth in the service sector saved the eurozone from recession in October


November, 06 2024
watermark Economic news

Economic activity in the eurozone showed unexpected resilience in October, avoiding a second recession in a row. The growth of the service sector has become a key factor, allowing the S&P Global business activity index to reach 50 points.


Earlier forecasts were less optimistic, but the revised data indicate a stronger economic development compared to initial estimates.


Experts attribute this stability to a gradual decrease in inflation and wage growth, which stimulates consumption in the service sector.


Despite the positive dynamics in the European labor market, the shortage of workers puts pressure on wages and may become an obstacle for the European Central Bank to achieve inflation of 2%. 


Investors, taking into account these circumstances, adjusted their expectations about the ECB's interest rate cut in December. At the same time, they are still waiting for continued monetary easing next year.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.