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Eurozone manufacturing growth strongest for over two years

Christian Fernsby ▼ | October 1, 2020
The IHS Markit Eurozone Manufacturing PMI signalled an acceleration in growth of the manufacturing economy during September.
Europe factory
Strongest   Europe factory
After accounting for seasonal factors, the index posted 53.7, unchanged on the earlier flash reading and up from 51.7 in the previous month.

Topics: Eurozone

Moreover, September marked the strongest growth in over two years and improved operating conditions have now been signalled for three months in a row.

All three market groups recorded a monthly improvement in operating conditions during September.

Solid gains were seen in both the consumer and intermediate goods categories, but both lagged investment goods where growth was the strongest for over two years.

Germany led the upswing in regional manufacturing activity, with the respective PMI here hitting its highest level for 26 months.

The Italian manufacturing sector also performed well, with growth also the strongest for over two years.

A solid improvement in operating conditions was seen in the Netherlands, whilst modest growth was registered in France and Austria.

In contrast, Spain posted only a slight expansion while Greece saw no change and Ireland’s manufacturing recovery stalled.

Overall, manufacturing output and new orders received by euro area goods producers increased at considerable and accelerated rates during September.

Growth rates in each instance were the strongest in over two-and-a-half years, although gains were principally centred on Germany.