Private Sector Growth Decelerates in Eurozone

According to a recent report by S&P Global and Hamburg Commercial Bank (HCOB), the Eurozone's private sector activity has shown a continued but slower growth in April. The composite Purchasing Managers' Index (PMI) witnessed a decline, dropping by 0.5 points from March to settle at 50.4 in April. Similarly, the services PMI decreased by 0.9 points, landing at a near-stagnation point of 50.1.

Services Sector Stagnation Overshadows Manufacturing Gains

Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, highlighted the slowdown in Eurozone's economic growth at the beginning of the second quarter. "The services sector, a significant contributor to the economy, almost stagnated in April. Despite an unexpected increase in manufacturing output, the overall growth momentum has undeniably slowed," he explained.