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Economic growth in the eurozone slowed down in January, as new Covid-19 restrictions hurt consumer spending, raising a new obstacle for the region’s recovery.
Source: IHS Markit
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IHS Markit stated that the deceleration was fully attributable to the services sector, with manufacturing posting recovery due to the easing supply challenges and a boost in activity.
The Purchasing Managers’ Index (PMI) from IHS Markit plunged to 52.4 in January after posting 53.3 points in December and reaching a high of 59 points in August.
The monthly flash PMI estimate of activity from HIS Markit posted a two-speed recovery with a slowing down supply-chain bottlenecks for manufacturing offset by struggling service companies.
Chris Williamson, HIS Markit’s chief business economist, stated that tourism, travel, and recreation were hard-hit.
The four biggest economies in the EU — Germany, France, Italy, and Spain — tightened restrictions in recent weeks.
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