LONDON (Reuters) -Euro zone business activity barely expanded in May as the dominant services industry contracted for the first time since November, weighed down by falling demand that has plagued the bloc for a year, a survey showed on Wednesday.

The HCOB Eurozone Composite Purchasing Managers’ Index, compiled by S&P Global, fell to 50.2 in May from 50.4 in April, higher than a preliminary estimate of 49.5 but its weakest since February.

PMI readings above 50.0 indicate growth in activity, while those below point to a contraction.

“The euro zone economy has grown for the fifth month in a row,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, adding that the data required some goodwill as it was only marginally above the expansion threshold.

“This development is due

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