Growth of business activity in the eurozone in October was minimal in over 2 years

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In October, the composite index of business activity in the eurozone fell to 52.7 points from 54.1 points in September, preliminary data from IHS Markit showed. Business activity in October grew at the lowest rate in over two years. The index in the service sector fell to a minimum over 2 years of 53.3 points from 54.7 points a month earlier. PMI in the manufacturing sector was the lowest in 26 months, lowering its value to 52.1 points from 53.2 points. This situation is caused by a reduction in exports amid trade wars. Expectations for growth prospects have fallen to a minimum since November 2014. A significant drop in optimism was observed both in the manufacturing industry and in the service sector. New orders have slowed growth to a minimum since August 2016. The reduction in new export orders was recorded for the first time since June 2013.

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