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The Eurozone’s business activity slowed for the first time in 16 months in April, as the Middle East conflict pushed energy prices higher and disrupted global supply chains, according to a survey released on April 23 by S&P Global.
The euro area Purchasing Managers’ Index (PMI) for April fell to 48.6 from 50.7 in March. With the PMI below 50, the economy is contracting.
The report said the output decline was mainly driven by the services sector, which saw the fastest pace of contraction in more than five years.
In contrast, Eurozone industrial production continued to rise, expanding at the fastest rate since August 2025. The report attributed part of the strength to clients placing orders to stockpile in anticipation of future headwinds.
The slowdown in activity was broad-based across the euro area, including Germany and France, the region’s two largest economies.
Analysts expect the European Central Bank (ECB) in Frankfurt to raise interest rates this month to curb inflation.
Energy costs remained a key factor behind the weakening business activity, with higher gasoline prices cited as part of the broader pressure on the economy.
Despite the overall contraction signal, higher gasoline prices coincided with a bright spot in Europe’s vehicle market. In Q1 2026, electric vehicle sales surged 49%, while plug-in hybrid vehicles rose 20%.
By market share, hybrids were the leading choice for European consumers, accounting for 37% of total sales, while traditional petrol cars fell to 23% in the quarter.
The rise in EV and hybrid purchases also supported overall sales growth: total sales increased 12.5% in March year-on-year to 1.16 million vehicles. The market posted a 4% gain in the first quarter despite weakness in January and February.
Separately, Greece moved to ease living costs. On April 22, Prime Minister Kyriakos Mitsotakis announced a 500 million euro package for vulnerable groups.
In a televised address, he said the package targets families with children, renters, low-income pensioners, the disabled, farmers, and borrowers meeting specific criteria.
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