The growth of economic activity in the euro zone slowed sharply in June in the private sector to the lowest level in 16 months, in part due to inflation, according to the PMI index published on Thursday by S&P Global.
The index, based on business surveys, fell to 51.9 from 54.8 in May. A number above 50 indicates an increase in activity, while a number below 50 indicates a decrease.
“With the exception of those seen during periods of health lockdowns, the growth slowdown in June was the most severe since November 2008, at the height of the global financial crisis,” said Chris Williamson, chief economist at S&P Global. , it’s a statement.
“The latest PMI data now coincides with Gross Domestic Product (GDP) growth of just 0.2% in the second quarter, down from 0.6% quarterly growth at the beginning of the year” and “the situation deteriorates in the second half of the year,” he said.
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