LONDON – A closely watched survey shows that economic growth across the 19-country eurozone dipped further at the start of 2019 to its lowest level in five-and-a-half years.
Financial information company IHS Markit said Tuesday that its composite purchasing managers index – a gauge of business activity across the manufacturing and services sector – fell to 51.0 points in January from 51.1 the previous month. Anything below 50 indicates a contraction in activity.
As a result, the firm said its survey suggests that the eurozone is growing at a tepid 0.1 per cent quarterly tick at the start of the year.
Chris Williamson, chief business economist at the firm, said a manufacturing and export-led slowdown has “shown increasing signs of infecting the service sector.”