The FTD indicator, compiled by a consortium of eight of Europe's leading European research institutes, projects that the eurozone fourth quarter annual growth rate will slump to only +0.5%, down from a projected +1.2% in the third quarter and an actual +1.7% in the second quarter. Moreover, the economic situation has deteriorated rapidly, as shown by the fact that a month ago the FTD indicator was pointing to growth rate of +1.2% y/y in the fourth quarter.