Eurozone services PMI declines in May

By Ovunc Kutlu

ANKARA (AA) - Eurozone services purchasing managers' index (PMI) fell to 56.1 in May, lower than the market expectation, according to a report by global data company S&P Global released on Friday.

The figure is down from the April level of 56.3.

"Service sector resilience helps sustain robust eurozone growth in May, but momentum fades," the report said.

"Despite service sector resilience, there was an overall loss of momentum within the sector in May, leading private sector business output to rise at the slowest pace since January amid fading post-pandemic catch-up effects, growing uncertainty and rapid inflation," it added.

The Eurozone composite PMI declined to 54.8 in May, its lowest level in four months, while the figure stood at 55.8 in April.

"Unsurprisingly, business confidence has slipped lower and is among the gloomiest since the early pandemic lockdowns, as companies scale back their expectations for growth in the coming year," Chris Williamson, the chief business economist at S&P Global Market Intelligence, said in the report.