Bhubaneswar, March 24: Following the start of tensions in West Asia on February 28 this year resulting in the spike in power (energy) prices and also disruptions of supply chain, business activities in the Eurozone have reportedly been at a slow pace.
As per a survey reportedly published today (March 24) by S&P Global, the Eurozone Purshasing Managers’ Index has reportedly plummeted to 50.5 in the current month from 51.9 last month (February).
Experts in economy view that the figure in the index above 50 marks growth, while below 50 hints at contraction.
Notably, the Eurozone (European Union member states) comprises of 21 Eurozone Member States as of Janaury 1, 2026 while their official currency is Euro that is managed by the European Central Bank (ECB).
Prominent among those member states are: Austria, Belgium, Bulgaria, Finland, France, Germany, Greece, Netherlands, Ireland, Italy, Portugal, Spain et al.
As defiant Iran has reportedly blocked the strategic chokepoint of Strait of Hormuz that witnesses passage of nearly 20% of global oil, the Brent crude oil has now reportedly soared much above $100 per barrel. Such a shocking development has exerted paramount pressure on input costs for the European firms dealing with it.
Earlier, the Eurozone has already been stung by the protracted Russia-Ukraine war following which the scar has not yet reportedly been healed up, rued observers.
Now, the West Asia tensions have added fuel to the fire and rubbed salt in the wound of Eurozone that has been convalescing after the economic shock experienced owing to the protracted Russia-Ukraine war, opined apprehensive experts in money matters.
