Summary

• Mixed trends were seen in the advanced economies during April as economies struggled amid the uncertainty, shortages and price inflation generated by the ongoing war in the Middle East.
• Hardest hit by the war in April was the eurozone, where output fell for the first time in 16 months.
• Improved performances were seen across all four 'BRIC' emerging economies in April, albeit with Russia merely reporting a reduced rate of contraction.
• Selling prices rose more modestly by comparison across mainland China, though the rate of inflation was nevertheless the joint-steepest since March 2022 due to higher goods prices.

S&P Global’s PMI surveys for the world’s largest economies reveal the differing impact of the war in the Middle East on economic growth and inflation.

The eurozone nations of France, Germany and Spain have been hardest

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