Eurozone’s PMI Manufacturing was finalized at 45.8 in July, unchanged from June, indicating ongoing contraction. PMI Manufacturing Output fell from 46.1 to 45.6, a 7-month low. Input costs increased at the fastest rate in a year and a half.
Among countries, Greece led with a PMI of 53.2, a 7-month low. Spain recorded 51.0, a 6-month low. Ireland reached a 5-month high at 50.1, but the Netherlands fell to 49.2, a 6-month low. Italy showed a 4-month high at 47.4, France hit a 6-month low at 44.0, Germany a 3-month low at 43.2, and Austria a 4-month low at 43.1.
Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, noted that the belief in the Eurozone’s recovery “is taking a hit.” He emphasized that the decline in production has “intensified” doubts, prompting a likely downgrade in GDP growth forecast from 0.8%. Industrial activity weakened broadly, with only Greece and Spain seeing meaningful growth, though momentum there also slowed. Austria and Germany displayed the greatest weakness.
Full Eurozone PMI manufacturing final release here.
