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Eurozone manufacturing rises to 70-month high

Staff Writer | March 2, 2017
February saw the rate of improvement in eurozone manufacturing operating conditions gather further momentum.
Eurozone manufacturing
Europe   Markit Eurozone Manufacturing PMI
At 55.4, up from 55.2 in January, the final Markit Eurozone Manufacturing PMI rose to its highest level since April 2011 despite posting slightly below its earlier flash estimate of 55.5.

National PMI data indicated that seven out of the eight nations covered saw operating conditions improve (the sole exception being Greece).

Three countries also registered faster rates of expansion – the Netherlands, Germany and Italy.

The Netherlands rose to the top of the PMI growth rankings, with its headline index rising to a 70-month record.

Austria was in second position overall despite its PMI dipping from January’s high, followed by Germany where growth hit a 69-month peak.

The recovery in Italian manufacturing continued to gather pace, with the rate of expansion hitting a 14- month high.

Growth slowed to three-month lows in Spain, Ireland and France.

The rate of contraction in Greece moderated.

Euro area manufacturing production and new orders both rose at the quickest rates since April 2011.

Companies indicated that domestic demand remained solid in a number of markets, while the weak euro contributed to the fastest growth of new export business for almost six years.

New export orders* rose in almost all of the nations covered (Greece was the exception).

Germany, Italy, the Netherlands and Ireland all saw sharper increases than in January.

Growth remained robust in Spain and Austria, whereas France saw only a moderate expansion.


 

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