Eurozone's economy slows sharply due to weaker-than-forecast growth in services and declining manufacturing, particularly in Germany, causing the composite index to reach a five-month low of 50.1.
The eurozone economy has slowed sharply due to weaker-than-forecast growth in services and steep falls in manufacturing, particularly in Germany. This has led to business activity almost grinding to a halt, with the composite index falling to a five-month low of 50.1, only just above the 50 mark that separates growth from contraction. The growth in eurozone business activity stalled this month as a tepid expansion in the bloc’s dominant services industry failed to offset a deeper downturn among manufacturers, a survey showed.
July 24, 2024
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