The Eurozone economy slowed sharply due to weaker-than-expected growth in services and deep declines in manufacturing.
The S&P Global Eurozone Purchasing Managers' Survey showed that business activity almost stopped this month, with its composite index falling to a five-month low of 50.1, just above the 50 mark separating growth from contraction.
The reading was weaker than forecasts of economists polled by “Reuters”, who had expected a slight rise from 50.9 last month to 51.1. The data showed the contrast between declining manufacturing and growth in the larger services sector persisted. The manufacturing index fell from 45.8 to 45.6, while the services index fell from 52.8 to 51.9.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
