Eurozone Private Sector Activity Returns to Growth

2026-07-24 08:10 By Joana Ferreira 1 min. read

The S&P Global Eurozone Composite PMI rose to 51.9 in July 2026 from 50.0 in June, well above market expectations of 50.3, a preliminary estimate showed.

The reading signaled the first expansion in business activity in four months, supported by a renewed expansion in services and the fastest increase in manufacturing output since March 2022.

Germany grew for the first time in four months, while France's downturn eased to a marginal contraction.

Elsewhere, the rest of the eurozone recorded its strongest expansion in eight months.

New orders rose at the fastest pace since April 2023, while export orders posted their smallest decline since March 2022.

Employment increased for the first time this year, supply-chain pressures eased, allowing manufacturers to rebuild input inventories for the first time in three-and-a-half years, and both input cost and output price inflation moderated.

Business confidence also improved to a five-month high, although it remained below pre-conflict levels.



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