Business growth in the 19-nation eurozone fell in October to its lowest point in two years, hit by falling exports, a closely watched survey showed Wednesday, predicting further declines, reports AFP from Brussels.

In a first estimate, data monitoring company IHS Markjit said slowing exports extended to the service sector, with companies’ expectations of future growth at the lowest level in nearly four years.

The purchasing managers’ index (PMI) by IHS Markit fell to 52.7 points in October from 54.1 in September, much lower than forecasts for 53.9 points compiled by analysts with Factset.

A figure over 50 indicates the economy is expanding.

The survey indicates “GDP growth waning to 0.3 percent in the fourth quarter,” IHS Markit chief business economist Chris Williamson said.

“The slowdown is being led by a drop in exports, linked in turn by many survey respondents to trade wars and tariffs, which appears to have darkened the global economic environment and led to increased risk aversion,” he said.