BRUSSELS - BUSINESS activity in the 15 nations sharing the euro slumped to a record low in Oct as the credit crunch translated into a demand slump, according to a survey on Friday, fuelling fresh recession fears.

The eurozone's purchasing managers' index (PMI), compiled by data and research group Markit, slid to 44.6 in Octfrom 46.9 in Sept, according to an initial estimate.

The new figure, which brought the index to its lowest level since the date was first compiled ten years ago, provided another sign of the eurozone's growing economic woes.

The latest figures are 'horrible, showing already weak activity deteriorating substantially further as the financial crisis intensified the already serious problems facing the region's economies,' said Howard Archer, chief European economist for London-based Global Insight.

The index's fall marked the fifth consecutive month of contraction, which is indicated by a reading of less than 50 points. -- AFP