Business activity growth in Europe slowed in June 2023, pointing to a difficult end to the second quarter, according to preliminary data.
The euro zone's flash composite Purchasing Managers' Index dropped to 50.3 in June from 52.8 in the previous month. This was below the 52.5 expected by analysts. A reading above 50 marks an expansion in activity, while one below 50 marks a contraction.
Also Eurozone business output growth came close to stalling in June, pointing to renewed weakness in the economy. Although energy and supply chain worries have eased since late last year, June has seen a further escalation of concerns over demand growth, and in particular the impact of higher interest rates, and the resulting possibilities of recessions both in domestic markets and further afield.
On a country-by-country basis, data from Germany also showed a slowdown in Europe's largest economy. The German flash composite PMIs fell to 50.8 in June from 53.9 in May. This was below market expectations.
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