Europe’s manufacturing slump deepened in September, as a key gauge of factory activity fell to a near-seven year low and industry executives remained downbeat about the year ahead. The purchasing managers’ index (PMI) for the eurozone fell to 45.7 last month, down from 47 in August and its lowest reading since October 2012. The final figures, released on Tuesday, were only a marginal improvement on ‘flash’ estimates released in September which knocked the euro and sparked predictions of an imminent recession. Germany – the eurozone’s export powerhouse which is enduring a prolonged slump that is shaking the region’s factories – saw its reading fall to 41.7, its lowest since June 2009. “Germany has had a shocker of a year. As one of the most open of large economies, it is particularly exposed to global economic shocks,” said Seema Shah, chief strategist at Principle Global Investors.