S&P Global reports that the Eurozone’s Purchasing Managers’ Index (PMI) for manufacturing and services fell to 54.9 in March from 55.5 in February, but above the initial reading of 54.5 for March.
The PMI remains above 50, indicating that the eurozone’s manufacturing and services sectors continue to expand.
The eurozone corporate sector expanded last month thanks to the post-November 19 economic recoveries. However, rising energy costs and the Russian invasion of Ukraine remain an issue affecting the economy.
“The further reopening of the euro zone economy amid the fading Omicron wave has provided a welcome tailwind to business activity in March, helping drive a further solid expansion from the slowdown seen at the start of the year,”said Chris Williamson, Chief Business Economist at S&P global.