The survey shows that economic activity in the Eurozone has significantly slowed down, and the risk of stagnation has intensified.

According to survey data released by Standard & Poor's Global Corporation on the 7th, due to factors such as the Middle East conflict pushing up energy costs and disrupting supply chains, private sector economic activity in the Eurozone significantly slowed down in March. The data shows that the final value of the Eurozone's comprehensive Purchasing Managers' Index (PMI) fell from 51.9 in February to 50.7 in March, the lowest level in nine months. By industry, the final value of the Eurozone's services PMI in March fell from 51.9 in February to 50.2, the lowest level in 10 months. Chris Williamson, Chief Business Economist at Standard & Poor's Global Market Intelligence, believes that the March PMI data indicates that the Middle East conflict has dealt a heavy blow to the Eurozone economy. He said that due to factors such as soaring energy prices, disrupted supply chains, market turbulence, and declining demand, the signs of growth that were evident in the Eurozone at the beginning of the year are now gone, and concerns about inflation are now leading to worries about stagflation or even worse in the short term. Williamson said that unless the Middle East conflict is quickly resolved, the Eurozone economy may face contraction risks in the second quarter of this year. Even if the conflict ends quickly, the destructive impact on the energy market from the conflict may continue for several months.