Euro zone growth hits nine-month low as energy costs rise
Euro zone growth hit a nine-month low in March as costs rose. The composite PMI fell to 50.7 as overall demand recorded its first drop in eight months.
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The euro zone's private sector expansion slowed significantly in March as the ongoing conflict in the Middle East drove up energy costs and disrupted global supply chains. According to data from S&P GLOBAL INC, the Composite Purchasing Managers Index (PMI) fell to 50.7 in March from 51.9 in February. While the reading remains above the 50.0 threshold that separates growth from contraction, it represents the weakest expansion in nine months and reflects a downturn in overall demand for the first time in eight months.
"March’s PMI indicates that the euro zone economy has already been hit hard by the war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
