Economic activity across the Eurozone has unexpectedly swung into reverse as surging energy prices choke growth, according to a closely watched survey.
The S&P flash Eurozone Purchasing Managers’ Composite index, a measure of private sector activity, unexpectedly dropped to 48.6 points in April, falling below the crucial 50 threshold that separates growth from contraction, for the first time in 16 months.
Sharply rising prices as a result of the Middle East conflict have resulted in “the biggest surge in cost pressures that we have recorded since 2000” outside of the Covid-19 pandemic, S&P Global Market Intelligence said.
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