Economic growth also slowed ahead of what economists fear is a looming recession, largely as a result of those higher prices sapping Europeans’ ability to spend.
Annual inflation reached 10.7 per cent in October, the European Union’s statistics agency, Eurostat, reported on Monday. That is up from 9.9 per cent in September and the highest since statistics began to be compiled for the eurozone in 1997.
While liquid gas succeeded in filling Europe's storage for the winter, the higher prices have made some industrial products such as steel or fertilizer expensive or simply unprofitable to make. AP/PTI
China PMI shrinks to 49.2 in October
China’s factory activity unexpectedly fell in October, weighed by softening global demand and strict domestic Covid-19 curbs, which hit production, travel and shipping in the worlds second-largest economy.
Persistent Covid-19 curbs, a property slump and global recession risks are clouding a more robust revival in factory and consumer activity.
The official manufacturing purchasing managers' index (PMI) fell to 49.2 from 50.1 in September, the National Bureau of Statistics (NBS) said on Monday. REUTERS
HK economy contracts
Hong Kong’s economy recorded its worst quarter
Gross domestic product plunged 4.5% in the July-to-September according to advance estimates. BLOOMBERG
Saudi Arabia GDP grows 8.6% in Q3
Saudi Arabia’s economy grew an estimated 8.6 per cent in the third quarter compared to the same period a year earlier, boosted by the oil sector.
The non-oil economy grew 5.6 per cent. BLOOMBERG
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