On Monday, a recent survey on business activity has suggested that declined activity in Italy and Spain has played a role to drag the economic growth across the euro-area.

While commenting on economic conditions, an Economist at Markit, Andrew Harker claimed that companies have attempted hard to encourage the demand through output price discounting even than the decline in activity was accelerated during August.

"Optimism levels took a hit during the month, with respondents less confident that economic conditions will improve over the coming year than they had been in previous months”, explained Andrew Harker.

Further, another market Economist Chris Williamson has estimated that gross domestic product growth during the third quarter is not expected to go beyond the tame 0.2% rate in the second quarter.

However, the retail data for the euro zone has indicated an increase in sales in July in spite of low volumes. Consequently, Eurostat, the official statistics agency of the European Union has notified a 0.2% hike in retail sales as compared to June, although marked them at lower level as compared to July.

Further, the agency had also revised its figures for previous months and estimated to 0.7% increase in sales month-on-month.