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Eurozone business growth was strong in May but faces the risks of a slowdown due to the rising cost of living, supply chain disruptions, and uncertainty around the war in Ukraine.
Source: S&P Global
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The S&P Global’s final composite Purchasing Managers’ Index (PMI), observed as a good measure of economic health, dropped to 54.8 in May from 55.8 in April.
Chris Williamson, a chief business economist at S&P Global, stated that the solid demand for services helped maintain a robust pace of economic growth in May, signaling the eurozone is expanding.
A PMI measuring the dominant services industry fell to 56.1 last month from 57.7, below the flash estimate of 56.3.
Companies scaled down their growth projections in the coming year, concerned about supply shortages, rising costs of living, and tightening monetary conditions.
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