Eurozone posts 6-year low manufacturing growth in March

By Muhammed Ali Gurtas</p> <p>ANKARA (AA) – The Eurozone Purchasing Managers’ Index (PMI) for the manufacturing sector in March saw its lowest level since April 2013, according to a London-based global data company on Monday.</p> <p>&quot;Manufacturing operating conditions in the eurozone deteriorated in March to the greatest degree for nearly six years,&quot; IHS Markit report said.</p> <p>After accounting for seasonal factors, the global data provider said that the PMI stood at 47.5 in March, down from 49.3 in February.</p> <p>&quot;March marked a second successive month that the PMI has posted below the 50.0 no-change mark,&quot; it said.</p> <p>As a critical measurement to indicate the health of the manufacturing sector, the monthly PMI indices — based on surveys and national data — show a growth with a value above 50 points, a contraction with a level below 50 points, compared to the previous month.</p> <p>&quot;The PMI has been on a broadly downward trajectory since reaching a series record high at the end of 2017.</p> <p>&quot;… And, in March, weakness was primarily centered on the intermediate and investment goods sectors,&quot; IHS Markit said.</p> <p>The monthly data revealed that the three largest economies of the eurozone posted sub-50.0 PMI figures in March. </p> <p>Stating that the operating conditions deteriorated to the greatest degree in over six-and-a half years, the report said the overall downturn was led by Germany — 44.1 in March.</p> <p>&quot;Italy [47.4] fared little better, with its PMI at a near six-year low,&quot; it said. &quot;France [49.7] returned to contraction, having recorded modest growth in the preceding survey period.&quot;