Eurozone PMI Manufacturing dropped to 44.8 in March, down from 49.2, hitting a 92-month low. PMI Services dropped to 28.4, down from 52.6, hitting a record low. PMI Composite dropped to 31.4, down form 51.6, hitting a record low too.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit said:
“Business activity across the eurozone collapsed in March to an extent far exceeding that seen even at the height of the global financial crisis. Steep downturns were seen in France, Germany and across the rest of the euro area as governments took increasingly tough measures to contain the spread of the coronavirus.
“The March PMI is indicative of GDP slumping at a quarterly rate of around 2%, and clearly there’s scope for the downturn to intensify further as even more draconian policies to deal with the virus are potentially implemented in coming months.
