Financial market turbulence has knocked eurozone economic growth prospects more than previously thought, according to a closely-watched survey that could increase the pressure on the European Central Bank to open the way for interest rate cuts.

Purchasing managers’ indices for the 15-country region were revised significantly downwards, based on survey data collected after share prices tumbled in late January. They suggested the eurozone economy grew in January at the weakest rate since November 2004 - the impact was concentrated largely in the service sector, with manufacturing showing a pick-up in growth.