Global factory output weakened in 2023 as activity in Europe contracted for an 18th consecutive month in December and China's economy continues to struggle.
The latest factory data showed a persistent slowdown around the world and suggested that any recovery in 2024 will likely take time to materialize.
The Purchasing Managers' Index (PMI) in Europe rose slightly to 44.4 in December from 44.2 in November but remains below the 50 level that indicates growth.
The manufacturing sector in the United Kingdom (U.K.) also suffered a setback in December, with the PMI at 46.2, ending three months of improvement.
Asia's factory activity also continues to slump, especially technology manufacturing. South Korean factory activity fell in December and Taiwan extended its contraction to 19 straight months.
China's PMI showed an unexpected increase in December, although this contrasted with Beijing's official PMI that showed a contraction for the third straight month.
Poor economic prospects for China continue to cloud the outlook for the global economy, say analysts.
The world's second-largest economy is struggling with a property slump, high government debt, and weak global demand for its products.
