The eurozone's economic expansion slowed sharply in October but stayed resilient, with demand coming close to stalling, according to the S&P Global purchasing managers' survey published on Wednesday.

The eurozone composite PMI, which combines manufacturing and services, fell to 51.7 in October from 53.1 in September, its lowest level in four months and below the preliminary estimate of 51.9. A reading above 50 still signals growth, but the survey points to an economy expanding at only about 0.3 percent a quarter at the start of the fourth quarter.

Services led the slowdown. The services PMI fell to 51.4 from 53.0 in September, also a four-month low, and new orders grew only marginally after three months of stronger growth, with demand for services edging lower. Employment fell marginally across the bloc, with services firms cutting jobs for the first time since May, partly offsetting a slight rise in factory headcounts.

Rising costs continued to squeeze businesses, and confidence fell to its weakest level in five months. Price pressures in services eased slightly, with the rates of inflation for output charges and input costs ticking down for the first time since July.

Chris Williamson, chief business economist at S&P Global Market Intelligence, said the survey data indicated growth at "a respectable though unexciting 0.3% rate" at the start of the fourth quarter, building on a robust third quarter. Firms are feeling the pinch from rising energy costs and expectations of higher European Central Bank interest rates, with the bank widely expected to raise again in December.

[Source: wncy.com](https://wncy.com/2026/11/04/euro-zone-economic-growth-slows-to-four-month-low-in-october-pmi-shows/) | [Source: tradingview.com](https://www.tradingview.com/news/te_news:598077:0-euro-area-services-pmi-revised-lower/)