Business activity contracted sharply this month amid renewed lockdowns that have hammered the blocks dominant services industry.

The sector in Germany, Europe's largest economy, contracted faster this month while other surveys showed that in France the economy shrank at the fastest pace since may appear.

My covering the eurozone service industry fell to 41.3, its weakest reading since the height of the first wave of the pandemic.

The bloc's economy is on track for its first double dip recession in nearly a decade.

I.

H s Markets headline Flash Composite PM I seen as a good guide to economic health fell to 45.1 in November.

That was from October's 50 the level separating growth from contraction.

Manufacturing, though, has fared better as many factories have remained open.

It's flash PM I held well above the break even mark at 53.6 in November and with vaccines looking increasingly likely to be rolled out in the first half of the year, the surveys show greater optimism about 2021 Britain which is outside the eurozone, and European Union took a major hit to its huge services sector.

Bank of England chief economist Andy Haldane said on Monday he hoped the economy would be turning a leaf next year, but warned that some long term damage was inevitable.