According to the report from IHS Markit, the pace of eurozone economic growth slowed for a second successive month in April, according to flash PMI survey data, indicating that the economy remains in its worst growth spell since 2014. Manufacturing reported a further contraction and service sector growth cooled. A solid service sector performance in Germany helped sustain the expansion, offsetting a sharp manufacturing downturn. France meanwhile stagnated and the rest of the region saw the worst growth since late 2013.

The Eurozone Composite PMI fell from 51.6 in March to 51.3 in April, according to the preliminary ‘flash’ estimate. The latest reading was the third-lowest since November 2014, only marginally above the recent lows seen in December and January.