The IHS Markit Eurozone Composite PMI fell from 52.7 in November to 51.3 in December, its lowest since November 2014, according to the preliminary ‘flash’ reading, which is based on approximately 85% of usual monthly replies.

The latest reading indicated only modest output growth, in turn reflecting a near-stalling of growth in new work, which registered the smallest increase since December 2014. New export orders (which include intra-eurozone trade) fell for the third successive month, recording the steepest decline since the series began over four years ago.