At the beginning of the third quarter of 2018, the eurozone economy showed a slowdown again. According to experts, there is a decline in the level of business activity, although it is still quite strong.
A survey by IHS Markit showed that there was a decrease in new orders and deterioration of business sentiment. The composite PMI fell to 54.3 in July from June's 54.9, according to the flash estimate. The indicator below the 50 level means a decrease in activity, while higher readings signal growth.
The latest reading was the weakest since November 2016. In the current month, services PMI fell to 54.4 from 55.2 in the previous month. Meanwhile, manufacturing PMI rose to 55.1 from 54.9 earlier.
According to Chris Williamson, the chief economist at IHS Markit, the July reading was consistent with quarterly GDP growth of 0.4%.