Eurozone PMI Manufacturing index was finalized at 47.3 in May, up from April’s 45.7 and reaching a 14-month high. This improvement suggests a potential turning point for the manufacturing sector, which has been declining since April 2023.
Country-specific data reveals that Greece led with a PMI of 54.9, although this marked a 4-month low. Spain followed with 54.0, hitting a 26-month high, while the Netherlands posted a 21-month high of 52.5. France recorded a 3-month high at 46.4, and Austria saw a 15-month high at 46.3. Italy and Germany, however, showed lower figures with PMIs of 45.6 and 45.4, respectively, though both countries achieved multi-month highs.
Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, highlighted this as a potential “turning point” for the sector, noting that the industry is nearing the end of its production decline. He pointed out that business confidence regarding future production is at its highest level since early 2022.
Germany, despite having the lowest PMI among the four major Eurozone economies, is close to overtaking Italy, which has recently seen its performance deteriorate. France’s industrial sector has improved but still lags behind, while Spain remains the only Euro-4 country with a growing industrial sector.
Full Eurozone PMI manufacturing final release here.
