After seeing all-time low last month, the Eurozone Purchasing Manager Index (PMI) recorded the three-month high in May. Down to 13.6 in April, the PMI rose to 30.5 in May.
Due to ongoing measures taken to control the coronavirus disease, the eurozone economy remained stuck in its deepest downturn ever recorded in May. However, as parts of the economy started to emerge from lockdowns, the rate of decline eased.
Several sectors such as travel, tourism and food are still affected by social distance and other measures. The GDP will drop 10 percent in Q2 versus Q1. However, a moderate downturn as measures eased signalled by improving PMI.
