Eurozone Business Activity Shows Signs of Slowing Down

According to a recent report by S&P Global and Hamburg Commercial Bank (HCOB), the Eurozone's private sector activity experienced a deceleration in growth during April. The composite Purchasing Managers' Index (PMI) witnessed a slight decline, dropping by 0.5 points from March to settle at 50.4 in April. Similarly, the services PMI saw a reduction of 0.9 points, landing at a near-stagnation level of 50.1.

Insights from the Experts

Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, provided insights into the findings. "The Eurozone's economic growth began to slow at the onset of the second quarter, following a noticeable acceleration in the first three months of the year," he remarked. "The services sector, a significant component of the economy, almost came to a standstill in April. Although there was an unexpected increase in manufacturing output, it failed to counteract the overall deceleration in growth."