According to the report from IHS Markit, the Eurozone PMI Composite Output Index recorded its biggest ever single monthly fall in March to hit a survey record low of 29.7. Not only was the index down from February's 51.6, it was also notably weaker than the earlier flash estimate of 31.4 as the coronavirus disease 2019 (COVID-19) pandemic impacted heavily on the euro area's private sector economy.

Both sectors covered by the survey recorded notable falls in output during March, with the greater decline seen in services where a series record fall in activity was registered. Goods producers saw production decline for a fourteenth successive month, and at the sharpest rate since April 2009.

Country level data indicated that falls in activity were considerable and wide-reaching across the eurozone during March. The four largest nations covered by the survey all registered record declines in activity, with Italy and Spain experiencing the sharpest reductions.

Confidence about the future was the lowest recorded by the survey since data were first available in July 2012. Worries over COVID-19 and the various measures designed to contain the outbreak, plus the uncertainty over how long these could be in place for, weighed heavily on sentiment. Confidence deteriorated to record lows across all nations during March. Such uncertainty led many companies to reduce their employment levels. According to the March data, job losses were registered for the first time in over five years. Moreover, the rate of contraction was the sharpest since June 2009 with job losses registered across all nations covered by the survey. Spain recorded the sharpest contraction in employment.