The private sector in the Eurozone experienced a contraction in April. This downturn is attributed to the escalating geopolitical tensions in the Middle East, which have exacerbated existing economic challenges, according to preliminary survey findings released by S&P Global on Thursday. The composite output index, a key indicator of economic activity, dropped to 48.6 in April from 50.7 in March, marking a 17-month low. Notably, this is the first time in 16 months that the index has fallen below the critical 50.0 threshold, which separates expansion from contraction.
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