The Eurozone economy grew at the slowest rate for over two years in October as an export-led slowdown continued to broaden-out to the service sector, survey data from IHS Markit showed Wednesday.
The composite output index declined to 52.7 from 54.1 in September. The expected score was 53.9. Nonetheless, a reading above 50 indicates expansion.
The services Purchasing Managers’ Index came in at 53.3, down from 54.7 in September and below the forecast of 54.5.
At the same time, the manufacturing PMI fell more-than-expected to 52.1 from 53.2 in September. Economists had forecast a reading of 53.0.
“The survey is indicative of GDP growth waning to 0.3 percent in the fourth quarter, and forward-looking indicators, such as measures of future expectations and new business inflows, suggest further momentum could be lost in coming months,” Chris Williamson, chief business economist at IHS Markit, said.