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Euro area economic activity starts Q2 on weak note

Eurozone economic activity in April

Euro area economic activity started the second quarter on a weak note after the final Composite Purchasing Managers’ Index fell slightly below March’s reading.

Manufacturing and services PMI for the eurozone slipped to 51.5 last month from 51.6 in March. That was higher than a flash reading of 51.3.

The services PMI fell to 52.8 from 53.3, while the factory gauge reported its third straight monthly contraction.  

“The survey is indicative of the economy growing at a quarterly rate of approximately 0.2 percent, but manufacturing remained mired in its steepest downturn since 2013 and service sector growth slipped lower,” said Markit’s Economist Chris Williamson.  

As of 10:00 GMT, the euro traded higher at 1.1194 versus the U.S. dollar, noting that it registered a weekly gain last week.

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