Deepening problems in the manufacturing sector led the downturn, with output falling at the quickest rate since 2012, but there was also bad news in the service sector, where growth slowed, according to data from IHS Markit.

IHS Markit’s Chief Business Economist Chris Williamson warned that the latest data indicates an economy on the cusp of sliding into decline. He said the Eurozone economy is close to stalling as the manufacturing downturn shows signs of spreading to the services sector. He said that Brexit, fears about trade wars, and other geopolitical worries have sapped business confidence and driven fears about global economic growth.