CoinWorld News: S&P Global Market Intelligence Chief Business Economist Chris Williamson said that the Middle East war has weighed on the Eurozone’s economic recovery, with the services sector hit first. The Eurozone PMI’s final value data for April confirmed earlier signs that the economy had slipped into a recession. Although the data only showed a slight quarterly GDP decline of 0.1%, there is no sign that the crisis will ease in the short term, and the economic downturn may deepen soon. The services sector has been affected the most, with consumer-facing industries especially under strain. Manufacturing, while showing resilience, actually reflects firms stockpiling in anticipation of further price increases and supply shortages; in the coming months, manufacturing growth is likely to be suppressed.

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