The Eurozone manufacturing sector activity entered into contraction in the month of February, the latest manufacturing activity survey from IHS/Markit research showed.
The Eurozone manufacturing purchasing managers index (PMI) dropped further to 49.2 in February while services PMI jumped to 3-month tops of 52.3 versus 51.4 last, hitting fresh 49-month lows.
The IHS Markit Eurozone PMI Composite rose from 51.0 in January to 51.4 in February, hitting fresh 69-month lows.
Comments from Chris Williamson, Chief Business Economist at IHS Markit:
“The Eurozone economy remained close to stagnation in February. The flash PMI lifted only slightly higher during the month, continuing to indicate one of the weakest rates of expansion since 2014. The survey data suggest that GDP may struggle to rise by much more than 0.1% in the first quarter.”
“Germany is on course to grow by 0.2%, buoyed by its service sector, but France looks set to stagnate or even contract very slightly. The rest of the region is meanwhile suffering its worst spell since late2013, with growth having slipped closer to stalling in February.”
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