April's fall in the euro-zone composite PMI, from 54.0 to 53.5 suggested that fears over Greece might already be starting to dampen economic growth in the region, offsetting any boost from loose monetary policy and the weakness of the euro. (Data released on Thursday.)
The decline, from March's 11-month high, reflected drops in both the manufacturing and services components. Overall, the euro-zone PMI suggests that the region's economic recovery failed to gain pace at the start of Q2.
"Looking ahead, there is a clear risk that the composite PMI falls further during Q2 as concerns about the Greek situation and a possible Grexit intensify." - says Capital Economics
