Europe

Eurozone economy 'losing momentum' as Germany falters

German Chancellor Angela Merkel listens to Chinese President Xi Jinping's speech during the opening ceremony of the G20 Leaders Summit in Hangzhou Sunday, Sept. 4, 2016. (Nicolas Asfouri/Pool Photo via AP)

German Chancellor Angela Merkel listens to Chinese President Xi Jinping's speech during the opening ceremony of the G20 Leaders Summit in Hangzhou Sunday, Sept. 4, 2016. (Nicolas Asfouri/Pool Photo via AP)  (The Associated Press)

A closely watched survey is showing that the 19-country eurozone is losing some economic momentum and that its largest economy, Germany, is at the heart of the slowdown.

Financial information company IHS Markit says its purchasing managers index — a broad gauge of economic activity — for the eurozone fell to a 19-month low of 52.9 in August from 53.2 the previous month. The fall was unexpected as the initial estimate for August was 53.3.

Anything above 50 still indicates expansion and IHS Markit says the August reading is pointing to quarterly economic growth of 0.3 percent.

The firm's chief economist Chris Williamson says Monday the survey was "clearly disappointing" and that it may fuel expectations of a further stimulus package from the European Central Bank this week.