Eurozone PMI largest fall ever

The Eurozone PMI for composite PMI and the PMI for services fell to record lows, by the largest month-on-month decline ever.  These are provisional ("flash") data,  but the final numbers are unlikely to be substantially revised.  You can read IHS Markit's report here.   The precipitous decline in the composite PMI  is consistent with a fall in GDP of 4 or 5%.  However, this is not the low point.  The lockdowns have only just begun.  The slump will continue through April and May and will only start to gradually improve from June onwards.