Eurozone PMI Manufacturing was finalized at 46.5 in February, down slightly from January’s 46.6.
Greece, Ireland, and Spain notably marked significant highs in their manufacturing PMI, with Greece reaching a 24-month high at 55.7, Ireland a 20-month high at 52.2, and Spain entering growth territory with a 20-month high at 51.5.
These figures contrast starkly with the larger economies within such as Germany and France, where manufacturing activity continued to contract, with Germany hitting a 4-month low at 42.5, and France at 11-month high at 47.1.
Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, stated the Eurozone’s “industrial recession” extends beyond a year without signs of abating. The continued decline in output, particularly in the region’s economic powerhouses Germany and France, underscores the persistent challenges facing the manufacturing sector.
Despite the overall contraction, there’s a “glimmer of hope” as the pace of decline in new orders across Eurozone has softened. This slight improvement suggests that demand conditions could be stabilizing, potentially laying the groundwork for a gradual recovery in the manufacturing sector.
Full Eurozone PMI Manufacturing release here.
