Eurozone Manufacturing and Services Growth Slows

Key findings:

  • Final Eurozone Composite Output Index: 55.2 (Flash: 55.3, February Final: 57.1)
  • Final Eurozone Services Business Activity Index: 54.9 (Flash: 55.0, February Final: 56.2)

March saw eurozone economic activity expand at the weakest pace since the start of 2017, as rates of increase moderated in both the manufacturing and service sectors. The slowing signalled by the latest PMI data reflected a combination of a mild deceleration in new order growth, bad weather in some northern regions and supply-chain constraints resulting from the recent growth spurt.

The final IHS Markit Eurozone PMI® Composite Output Index posted 55.2 in March, down from 57.1 in February and below the earlier flash estimate of 55.3. The headline index has nonetheless signalled expansion in each of the past 57 months. Manufacturing production rose to the lowest extent since November 2016, whereas service sector business activity increased at the weakest pace since August last year.

Source – Markit Economics

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.