Eurozone economic growth has lost further momentum this month, according to a closely-watched survey that may reinforce the case for the European Central Bank keeping interest rates firmly on hold.

The purchasing managers’ output index for the 13-country region fell for the fourth consecutive month to the lowest for more than two years, according to NTC Economics and Royal Bank of Scotland, which released the survey. Growth in the service sector, which appeared to have been badly hit by the global credit squeeze, rebounded. But manufacturing saw growth slipping sharply.