The HCOB Eurozone Composite PMI climbed to 51.9 in February 2026, up from 51.3 in January, marking the strongest expansion in private sector activity in three months. The reading signaled a firmer pace of growth across the euro area economy. Growth was driven by stronger manufacturing and services output, with Germany leading the upturn. Ireland and Italy also posted solid gains, while growth slowed in Spain and France stagnated. New orders increased at a faster pace overall, despite a continued decline in export business. Employment levels were broadly stable, showing little change from the previous month. On the price front, input cost inflation accelerated for the fourth consecutive month, reaching its highest level in nearly three years. Output price inflation eased slightly but remained elevated, marking the second-steepest increase in the past year. Meanwhile, business confidence improved, rising to its strongest level since May 2024. source: S&P Global

Composite PMI In the Euro Area increased to 51.90 points in February from 51.30 points in January of 2026. Composite PMI in Euro Area averaged 51.53 points from 2012 until 2026, reaching an all time high of 60.20 points in July of 2021 and a record low of 13.60 points in April of 2020. This page provides the latest reported value for - Euro Area Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI In the Euro Area increased to 51.90 points in February from 51.30 points in January of 2026. Composite PMI in Euro Area is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Composite PMI is projected to trend around 52.20 points in 2027, according to our econometric models.


Components Last Previous Unit Reference
HCOB Manufacturing PMI 50.80 49.50 points Feb 2026
HCOB Services PMI 51.90 51.60 points Feb 2026

Related Last Previous Unit Reference
Bankruptcies QoQ 3.40 4.30 percent Dec 2025
Business Confidence -0.36 -0.38 points Feb 2026
Capacity Utilization 77.60 78.00 percent Mar 2026
Car Registrations 757669.00 764869.00 Units Jan 2026
Changes in Inventories 27.81 36.61 EUR Billion Dec 2025
Industrial Production YoY 1.10 2.20 percent Dec 2025
Industrial Production MoM -1.30 0.30 percent Dec 2025
Industrial Sentiment -7.10 -6.80 points Feb 2026
Manufacturing Production 1.40 2.10 percent Dec 2025
Mining Production 2.40 2.90 percent Dec 2025
Services Sentiment 5.00 6.80 points Feb 2026
ZEW Economic Sentiment Index 39.40 40.80 points Feb 2026


Euro Area Composite PMI
The HCOB Eurozone Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, is compiled by S&P Global from responses to questionnaires sent to survey panels of manufacturers in Germany, France, Italy, Spain, the Netherlands, Austria, Ireland and Greece, and of service providers in Germany, France, Italy, Spain and Ireland, totaling around 5,000 private sector companies. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Eurozone Business Activity Growth Accelerates in February
The HCOB Eurozone Composite PMI climbed to 51.9 in February 2026, up from 51.3 in January, marking the strongest expansion in private sector activity in three months. The reading signaled a firmer pace of growth across the euro area economy. Growth was driven by stronger manufacturing and services output, with Germany leading the upturn. Ireland and Italy also posted solid gains, while growth slowed in Spain and France stagnated. New orders increased at a faster pace overall, despite a continued decline in export business. Employment levels were broadly stable, showing little change from the previous month. On the price front, input cost inflation accelerated for the fourth consecutive month, reaching its highest level in nearly three years. Output price inflation eased slightly but remained elevated, marking the second-steepest increase in the past year. Meanwhile, business confidence improved, rising to its strongest level since May 2024.
2026-03-04
Eurozone Private Sector Growth Accelerates in February
The HCOB Eurozone Composite PMI rose to 51.9 in February 2026 from 51.3, beating expectations of 51.5, according to a preliminary estimate. The data signaled the strongest expansion in private sector activity since November, driven by the sharpest rise in manufacturing output since August 2025 and faster growth in services. Meanwhile, new orders increased only marginally, as foreign demand continued to decline. Employment slipped slightly for a second straight month, and backlogs of work extended their downturn. On the pricing front, input cost inflation accelerated to its joint-fastest pace in 34 months, while output price growth eased modestly. Business confidence edged lower but remained the second-highest level in 21 months.
2026-02-20
Eurozone Private Sector Output Revised Lower
The HCOB Flash Eurozone Composite PMI inched lower to 51.3 in January of 2026 from the 51.5 in the previous month, revised downwards from 51.5 and under the initial market expectations of 51.8. Despite dropping to a four month low, the result reflected 13 straight months of growth in the Eurozone's private output. The expansion was supported by higher business for services providers (51.6 vs 52.4 in December 2025) and a rebound for manufacturing (50.5 vs 48.9). New orders at the aggregate level rose for a sixth month, although at a sharply lower magnitude with restriction from a fall in export orders. Despite growth in output and new business, firms cut back on their employment levels at a marginal pace, mainly due to lower employment in Germany. On the price front, input cost inflation rose to a near one-year high, driving output charges to accelerate to its highest since April 2024. Looking forward, business sentiment rose to a 20-month high on greater optimism or manufacturers.
2026-02-04