Eurozone growth nears stagnation in March

ISTANBUL

The composite purchasing managers index (PMI), which stood at 51.9 in February, fell to 50.5 in March in the euro area, marking its lowest level in 10 months, data provider S&P Global announced on Tuesday.

The manufacturing PMI rose to 51.4 in March from 50.8 in February, reaching a 45-month high.

The services PMI dropped from 51.9 to 50.1 during the same period, hitting a 10-month low.

A PMI reading above 50 indicates sectoral growth, while a figure below that level signals a contraction.

The data revealed that production growth almost came to a standstill due to a decline in new orders in the Eurozone private sector.

Input cost inflation accelerated sharply following developments in the Middle East, reaching its highest level in over three years.