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Eurozone Growth Slows in March Amid Russia’s Invasion of Ukraine

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The Eurozone economic recovery lost pace in March on high energy prices, and uncertainty from the war in Ukraine slowed down growth in both manufacturing and services sectors.

Source: S&P Global

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The headline S&P Global Eurozone Composite PMI dropped from 55.5 in February to 54.5 in March. The decline signals the loss of economic growth momentum from February’s five-month high.

Manufacturing output growth dropped sharply to the lowest level since last October as new orders placed with euro area factories increased at the joint-slowest rate since the recovery from the pandemic.

A major impact of the war was recorded on prices, with the war in Ukraine linked to a further increase in companies’ costs.

Among the eurozone countries, France was able to resist the negative effects of the war as its service industry bounced back and consumer demand offset falling exports.

Germany’s growth slowed significantly, but manufacturing was still above the levels post late last year.

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