The IHS Markit Eurozone PMI Composite Output Index edged lower in January, falling for a fifth successive month to register its lowest level for five-and-a-half years.

After accounting for seasonal factors, the index recorded 51.0 in January, a little better than the earlier flash estimate of 50.7 but still down from 51.1 in December and signalling only weak growth in business activity.

Activity weakness was principally centered on France and Italy. Output in France was down for a second successive month, and at the fastest rate in over four years. Meanwhile, Italian private sector output deteriorated for the third time in four months and to the greatest degree in over five years.

The IHS Markit Eurozone PMI Services Business Activity Index was unmoved on December’s 49-month low of 51.2 at the start of the year.

France and Italy remained the primary sources of weakness, with both countries registering declines in activity during January. This was in stark contrast to Germany and Spain, where growth of activity improved in each case.