Brussels: The composite purchasing managers index (PMI) in the euro area fell to 50.5 in March from 51.9 in February, marking its lowest level in 10 months, as announced by data provider S and P Global on Tuesday. This decline indicates that the Eurozone's economic growth is nearing stagnation.

According to Anadolu Agency, the manufacturing PMI increased to 51.4 in March from 50.8 in February, reaching a 45-month high. However, the services PMI experienced a drop from 51.9 to 50.1 during the same period, hitting its lowest point in 10 months. A PMI reading above 50 suggests sectoral growth, while a figure below that level signals a contraction.

The data highlighted that production growth in the Eurozone's private sector almost halted due to a decline in new orders. Additionally, input cost inflation surged sharply, reaching its highest level in over three years, following developments in the Middle East.