The HCOB Eurozone Manufacturing PMI rose to 49.5 in January 2026, broadly in line with the preliminary estimate of 49.4 and up from December’s nine-month low of 48.8. Despite the improvement, the reading still signaled a third consecutive month of contraction, pointing to a downturn that remained only marginal overall. New orders fell for a third straight month, while output returned to growth after recording its first decline in ten months in December. At the country level, manufacturing conditions improved in Greece, France, and the Netherlands, but deteriorated further in Germany, Italy, Spain, and Austria. Cost-cutting remained a theme at the start of 2026, as firms reduced employment, purchasing activity, and inventories in January. On the inflation side, input cost pressures accelerated to a three-year high, while output prices were largely unchanged. Looking ahead, business confidence strengthened, with expectations reaching their highest level since February 2022. source: S&P Global

Manufacturing PMI In the Euro Area increased to 49.50 points in January from 48.80 points in December of 2025. Manufacturing PMI in Euro Area averaged 50.65 points from 2007 until 2026, reaching an all time high of 63.40 points in June of 2021 and a record low of 33.40 points in April of 2020. This page provides the latest reported value for - Euro Area Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI In the Euro Area increased to 49.50 points in January from 48.80 points in December of 2025. Manufacturing PMI in Euro Area is expected to be 51.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Manufacturing PMI is projected to trend around 52.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Bankruptcies QoQ 5.10 4.10 percent Sep 2025
Business Confidence -0.39 -0.47 points Jan 2026
Capacity Utilization 78.20 77.80 percent Dec 2025
Car Registrations 759161.00 801765.00 Units Dec 2025
Changes in Inventories 36.46 35.41 EUR Billion Sep 2025
Industrial Production YoY 2.50 1.70 percent Nov 2025
Industrial Production MoM 0.70 0.70 percent Nov 2025
Industrial Sentiment -6.80 -8.50 points Jan 2026
Manufacturing Production 2.40 1.20 percent Nov 2025
Mining Production 2.90 9.40 percent Nov 2025
Services Sentiment 7.20 5.80 points Jan 2026
ZEW Economic Sentiment Index 40.80 33.70 points Jan 2026


Euro Area Manufacturing PMI
The HCOB Eurozone Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to survey panels of manufacturers in Germany, France, Italy, Spain, the Netherlands, Austria, Ireland and Greece, totaling around 3,000 private sector companies. The headline figure is the Purchasing Managers’ Index (PMI), which is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices. The index 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 Manufacturing Sector Remains in Contraction
The HCOB Eurozone Manufacturing PMI rose to 49.5 in January 2026, broadly in line with the preliminary estimate of 49.4 and up from December’s nine-month low of 48.8. Despite the improvement, the reading still signaled a third consecutive month of contraction, pointing to a downturn that remained only marginal overall. New orders fell for a third straight month, while output returned to growth after recording its first decline in ten months in December. At the country level, manufacturing conditions improved in Greece, France, and the Netherlands, but deteriorated further in Germany, Italy, Spain, and Austria. Cost-cutting remained a theme at the start of 2026, as firms reduced employment, purchasing activity, and inventories in January. On the inflation side, input cost pressures accelerated to a three-year high, while output prices were largely unchanged. Looking ahead, business confidence strengthened, with expectations reaching their highest level since February 2022.
2026-02-02
Eurozone Manufacturing PMI Signals Easing Downturn
The HCOB Eurozone Manufacturing PMI increased to 49.4 in January 2026, up from 48.8 in December and above market expectations of 49.1, according to a preliminary estimate. The latest reading suggests that the downturn in manufacturing business conditions eased, as production returned to growth supported by an improvement in new orders, following the first decline in output in ten months at the end of 2025. Meanwhile, manufacturing employment continued to decline modestly, while firms reduced their purchasing activity at the slowest pace in six months. On the price front, input cost inflation accelerated to a three-year high, while selling prices continued to edge lower. Business confidence also strengthened, rising to a near four-year high.
2026-01-23
Eurozone Manufacturing Contraction Steeper than Initially Thought
The HCOB Eurozone Manufacturing PMI fell to 48.8 in December 2025, below both the preliminary estimate of 49.2 and November’s final reading of 49.6, marking the fastest pace of contraction since March. Declines in output and new orders were the main drivers, with Germany recording the steepest deterioration and weakest performance since February. Italy and Spain also remained in contraction, while France bucked the trend, posting its strongest expansion since June 2022. Employment continued to fall across the region, extending a sequence of factory job losses to over two-and-a-half years, while backlogs of work declined, suggesting capacity was sufficient to handle existing orders. Sales performances weakened despite ongoing discounting, even as input cost inflation rose to a 16-month high. However, firms were the most optimistic about the year-ahead outlook since just before Russia’s full-scale invasion of Ukraine in February 2022.
2026-01-02