March saw eurozone economic activity expand at the weakest pace since the start of 2017, as rates of increase moderated in both the manufacturing and service sectors. The slowing signalled by the latest PMI data reflected a combination of a mild deceleration in new order growth, bad weather in some northern regions and supply-chain constraints resulting from the recent growth spurt.

The final IHS Markit Eurozone PMI Composite Output Index posted 55.2 in March, down from 57.1 in February and below the earlier flash estimate of 55.3.