Slower order book growth and falling exports were accompanied by deteriorating optimism about the outlook, as well as rising costs and prices.

According to the flash reading (which is based on approximately 85% of usual monthly replies), the IHS Markit Eurozone Composite PMI fell from 53.1 in October to 52.4 in November. The latest reading was the lowest since December 2014.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said: “The cooling of Eurozone business growth to a fouryear low adds to signs that the economy faces a disappointing end of the year. “Manufacturing remains the main area of weakness, linked in part to having been hit hard once again by deteriorating exports. The slowdown is also being temporarily exacerbated by persistent disappointing car sales. However, November also brought further signs that the manufacturing-led slowdown is spilling over to services, as consumer and corporate demand was often reported to have weakened in the face of headwinds such as rising political uncertainty, tighter financial conditions and higher prices.”