More bad news for the eurozone arrived with the release of statistics over the state of manufacturing in the region.
While the sector is growing, the August indications point to manufacturing being at its weakest level for more than a year.
Escalating tensions between Russia and Europe coupled with the eurozone´s economic uncertainties and falling inflation are all contributing to a weak outlook for manufacturing.
While Irish output was strong in August, it was offset by poor data coming from the major economies in the euro region. France remained of great concern because its manufacturing sector contracted and Italy fell back from expansion to stagnation.
Official data in August showed that out of the eurozone’s four largest economies, only Spain grew in the second quarter.
Observers believe that the full impact of EU sanctions on Russia has not yet been experienced, and the EU may press ahead with deeper sanctions.
