EuropeGettyOne of the sculptures of young girls by artist Rene Julien stands in front of a flag of the European Union at the Charlemagne building of the European Commission on November 17, 2011 in Brussels, Belgium. Eurozone member countries are continuing to struggle with a debt crisis afflicting a widening circle of nations as the rest of the world fears economic repercussions.
The eurozone's economic growth was "subdued" in the first quarter of 2016, and is struggling to find a "significant gain in momentum", according to the latest PMI data released by Markit on Tuesday morning.
According to Markit, the eurozone saw a composite PMI reading of 53.1, down from the flash reading of 53.7, but marginally up on economists expectations, which put the number at 53 flat.
The purchasing managers index (PMI) figures are given as a number between 0 and 100. Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the better.
Markit's statement alongside the data said:
"March saw the rate of economic expansion in the euro area improve for the first time in three months. The extent of the acceleration was negligible, however, and less marked than that indicated by earlier flash data. Manufacturing saw faster growth of production, but this was mostly offset by a slower rate of output expansion at service providers." 
Here's what Chris Williamson, Markit's chief economist had to say:
"The eurozone economy failed to show any significant gain in momentum in March. With the PMI barely rising from February’s 13-month low, the region looks to have grown by just 0.3% again in the first quarter. “Sluggish growth is the result of lacklustre demand, accompanied by falling prices as firms compete at the expense of profit margins. Not surprisingly, hiring is coming under increased pressure as firms struggle to contain costs."
Here are the headline eurozone figures:
  • Services PMI: 53.1, down from February's 53.3, and behind the 54 estimated by Markit's flash data.
  • Composite PMI: Also 53.1, just up from February's 53, but down from the 53.7 flash reading.
Markit's chart shows just how much Europe is struggling to find substantially, sustainable growth right now. Take a look:
Markit PMI Markit
As well as the headline figures, Markit released data individually on the eurozone's four biggest economies. Here's how things look in Germany, France, Italy, and Spain:
  • German Composite: 54, just down from February's 54.1.
  • French Composite: 50, up from February's figure, but a big miss on the flash estimate of 51.1
  • Italian Services: 51.2, well down from the 53.8 figure in February, and missing expectations from economists of 54.
  • Spanish Services: 55.3, better than the expected 54.5, and well above February's 54.1 number.
The PMI figures come just a few weeks after the European Central Bank and its president Mario Draghi announced a series of new monetary policy measures, including cutting all its base rates, and extending its programme of bond buying.
The measures are designed to try and boost stalling growth, as well as inflation, within the Eurozone. So far the ECB's negative interest rate policy (NIRP) has failed to serve its purpose effectively, and today's data won't exactly fill Draghi and the rest of the ECB with confidence.
However, Markit points to a little bit of optimism after the ECB's new policies, with Williamson saying: “Hopes are pinned on the economy being rejuvenated by the ECB’s more assertive policy initiatives, and the upturn in service sector optimism seen during the month suggests that firms are taking a more positive view of the outlook.
Today's eurozone PMI's follow on from a pretty poor set of global data from the manufacturing sector. Activity levels across the global manufacturing sector expanded at the slowest pace in nearly three years in the first quarter of 2016.