The European headline index – which covers data on marketing budgets, trading conditions and staffing levels – feel from 55.2 in April to 52.5 in May, while Asia was down from 58.3 to 57.1 and the Americas 61.3 to 56.2.

Looking at marketing budgets alone, on a global basis, the GMI was down from 53.7 a month ago to 50.3 (see chart).

Warc data editor Suzy Young said: “As the eurozone enters yet another period of crisis, with the outcome uncertain until the Greeks head to the polls again on 17 June, it is not surprising that marketers have chosen to limit spend at this time. I would expect similar trends to be repeated in June.”

GMI data is based on a monthly survey of 1,300 marketers working for brand owners, media owners, creative and media agencies and other companies serving the marketing industry. A GMI reading of 50 indicates no change; 60 and over indicates rapid growth.