Eurozone economic growth to be ‘steady but slow’

Economic growth in the eurozone will be steady but slow in the second quarter, surveys suggested yesterday, underlying European Commission concerns about the vulnerability of the currency bloc’s upturn.

Retail sales fell across the eurozone in March, and a price indicator offered no succour to the ECB in its struggle to stave off deflation.

The final composite Purchasing Managers’ Index from Markit, which usually gives a good steer on overall economic growth, was at 53 last month, just below 53.1 in March.