PMI shows that economic growth in the eurozone slowed down in April, with the service sector close to stagnation.

The Eurozone economy continued to expand in April, but at a slower pace, as demand weakened and the dominant services sector almost stagnated, suggesting that the recovery in the region remains fragile. The Eurozone's composite PMI output index fell from 50.9 in March to 50.4 in April. This index is only slightly above the threshold of 50. After a rebound in the first three months of this year, economic growth in the Eurozone slowed in the early part of the second quarter. Cyrus Delarubia, chief economist at Hamburg Commercial Bank, said, "The services sector, as a key player, almost stagnated in April." The services PMI fell from 51.0 in March to 50.1, the lowest in five months, just slightly above the neutral threshold. Meanwhile, sentiment among services businesses weakened, with the business expectations index falling from 57.8 to 55.1, the lowest since the end of 2022.