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Eurozone private sector growth at 19-month low

Staff Writer |
Eurozone private sector grew at the slowest pace in 19 months in August, final data from Markit showed.

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The final composite output index fell to 52.9 in August from 53.2 in July. The score was below the flash estimate of 53.3. The rate of growth in new order inflows was also the weakest in just over one-and-half years.

The final services Purchasing Managers' Index came in at 52.8 in August, down from 52.9 a month ago and also below the flash reading of 53.1.

"While the overall picture is one of steady but sluggish 0.3 percent growth in the third quarter, the revised figures indicate that the economy is losing rather than gaining momentum," Chris Williamson, chief business economist at IHS Markit, said.

National PMI data indicated that the slowdown was mainly due to weaker economic growth in Germany, as output in the eurozone's largest nation rose at the slowest pace for 15 months.

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