Slowdown in Eurozone Business Activity

The Eurozone's private sector growth decelerated in April, as revealed by the latest S&P Global and Hamburg Commercial Bank (HCOB) report. The composite Purchasing Managers' Index (PMI) experienced a slight decline, dropping by 0.5 points to 50.4, while the services PMI decreased by 0.9 points to 50.1.

Insights from the Chief Economist

Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, commented on the findings, stating, "The Eurozone's economic growth has slowed at the beginning of the second quarter, after a noticeable improvement in the first quarter. The services sector, a significant contributor to the economy, nearly came to a standstill in April. Although there was an unexpected increase in manufacturing output, it wasn't sufficient to counteract the overall economic slowdown."