An index value of PMI above 50 points indicates a growth in economic activity and below a decline.
The July value turned worst than expected by experts, falling to its lowest since February 2021. The decline is largely attributed to inflation and price crisis, with Europeans tending to decrease spending.
The manufacturing PMI fell from 52.1 to 49.6, while the PMI in services fell from 53 to 50.6, according to preliminary estimates.
In the largest eurozone economy, Germany, the composite PMI fell from 51.3 to 48, the lowest since May 2020. This included a fall of the manufacturing PMI from 52 to the 25-month low of 49.2, and the services PMI from 52.4 to 49.2.
In France, the composite PMI from 52.5 to 50.6, including the manufacturing PMI falling from 51.4 to 49.6 and the services PMI from 53.9 to 52.1.