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Eurozone Private Sector Shrinks More Than Expected In February

The Eurozone private sector contracted more than initially estimated in February, survey results from Markit Economics showed Monday.

The final Composite Output Index fell to 49.3 in February from 50.4 in January. The index dropped below the earlier flash estimate of 49.7. The overall contraction in output reflected a renewed decline in service sector activity.

The services business activity index fell to 48.8 in February from 50.4 in January, indicating a slightly steeper decline than the earlier flash estimate of 49.4. The activity contracted for the fifth time in six months.

"With business activity falling again in February, and to a slightly greater extent than the earlier flash PMI signalled, it remains a close call as to whether the Eurozone contracted for a second successive quarter, sending the region back into recession," Chris Williamson, chief economist at Markit said.

Published: 2012-03-05 09:10:00 UTC+00

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May 19 at 23:17 UTC