Recovery of eurozone economy ‘loses momentum’

<p>The eurozone’s economic recovery has lost pace.</p>

New data shows that the fragile economic recovery in the eurozone has lost some pace.

According to the latest Markit composite purchasing managers' index (PMI), there was a fall to 51.7 from 51.9 in October.

Even though the figure dropped over the course of the month, the figure was still ahead of the expectations of analysts.

"The final PMI data confirm that the euro area's recovery lost some momentum in November," said Markit's chief economist Chris Williamson.

"It's clearly a concern that the rate of growth remains so fragile."

Analysts added that some countries within the eurozone are strengthening as they bounce back from the recession and its after-effects, but others are still lagging behind.

Interest rates were recently cut by the European Central Bank after inflation in the eurozone was revealed to have dropped to 0.7 per cent in October.

The headline rate of inflation was cut by the body to a new record low for the continent.

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