Business is not good in the Eurozone.
RT:
The business climate index in the euro area fell to its lowest level in two years in May, according to a preliminary estimate by the EU’s statistics agency, Eurostat, released on Tuesday.
Data showed that the indicator, which is based on monthly surveys and is designed to assess the state of the business environment within the euro area, dropped from 0.5 points in April to 0.19 points in May. It is currently at its lowest level since early 2021, when the region’s economy was suffering the effects of the Covid-19 pandemic.
According to Eurostat, the situation is most severe in the region’s industry sector, where the level of business activity has fallen for 11 months in a row. The euro area industrial sentiment indicator for May was negative for the third straight month, having equalled its two-year minimum by dropping from April’s -2.8 to -5.2 points. Sentiment also deteriorated in the service, retail and construction sectors.
Experts believe that one of the main reasons for the dynamic is the break in the EU’s economic ties with Russia. The bans imposed as part of Ukraine-related sanctions on supplies of equipment and machinery to Russia has harmed EU manufacturers, while the severance of Russian energy imports has led to a spike in inflation in the region. Sanctions on Russian energy have forced local authorities to hike interest rates for the first time in years to combat rising prices, which has made life even more difficult for local businesses, analysts say.
This is what happens when you fake a virus, lockdown the entire economy for two years and then sanction your biggest energy supplier.
European countries with maybe a few minor exceptions have morons, shills and corrupt people running things all over the continent. All they’ve done is make themselves weaker while making Russia stronger. It’s only going to get worse for them because they are just doubling down on their ridiculous anti-Russia policies.
