Business growth in the Eurozone slowed in March as the economic impact of the Russian invasion of Ukraine nullified the impetus for further opening of economies from anti-Covid-19 restrictions.
In particular, the composite PMI, which combines manufacturing and services, fell to a two-month low of 54.5 points from 55.5 points in February, according to initial data from S&P Global.
The PMI for the services sector fell to 54.8 points in March from 55.5 points in February. The manufacturing PMI fell to a 14-month low of 57.0 points from 58.2 points. The manufacturing PMI slipped to a five-month low of 53.6 from 55.5 last month.
“Research data show that the Ukraine-Russia war has a direct and substantial impact on the Eurozone economy and underscores the risk that the Eurozone will fall in the second quarter,” said Chris Williamson, chief economist at S&P Global.
Source: Capital
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