The euro zone economy has slowed sharply owing to weaker than forecast growth in services and steep falls in manufacturing, particularly in Germany, the results of a closely tracked business survey showed.
Analysts warn that trade tensions and political uncertainty are likely to cause a slowdown in second-quarter growth when that data is released next week. The euroz one economy stagnated for much of last year but returned to growth in the first quarter, expanding 0.3 per cent, as inflation slowed more than wages to boost household purchasing power.
Price pressures on euro zone companies picked up at the fastest pace for three months, S&P found. But managers said these were not fully passed on to customers as overall selling prices rose at the slowest pace since October, reflecting increases in services and declines in manufacturing. The outlook brightened in France, where some services companies reported a pickup in activity before the Olympic Games. There was also relief that this month’s parliamentary election did not hand a majority to far-right or leftwing parties, even as it left the country struggling to form a government.The survey’s results for Germany were noticeably weaker than forecast. The German PMI reading fell from 50.6 to a four-month low of 48.7, signalling a contraction of the country’s business activity.
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