Manufacturing output ticks higher in the Eurozone - PMI
By Abigail Townsend
Date: Monday 02 Feb 2026
(Sharecast News) - Eurozone manufacturers reported an uplift in output in January, a survey showed on Monday, although the sector remained under pressure.
The latest HCOB Eurozone manufacturing PMI was 49.5, up on December's nine-month low of 48.8 and notionally above forecasts for 49.4. It was, however, still below 50.0.
A reading above the benchmark suggests growth, but one below it indicates contraction.
However, the output index did move into positive territory, rising to 50.5 from 48.9.
Respondents, who were surveyed between 12 and 23 January, pointed to a decline in new factory orders as well as extended job losses. Input cost inflation also rose, reaching a three-year high.
Within individual countries, Germany - the bloc's biggest economy - had a PMI of 49.1, in negative territory but an improvement on the flash reading of 48.7. Spain and Italy also remained in contraction, at 49.2 and 48.1 respectively. But in France the PMI jumped to a 43-month high of 51.2.
Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said: "Some progress can be seen in the manufacturing sector, but it's happening at a snail's pace.
"Right now it's hard to say what might put an end to the ongoing rundown of inventories, which makes a strong short-term upswing rather unlikely. Still, when looking 12 months ahead, companies are feeling a bit more upbeat than last month about expanding their production.
"There are some encouraging signs from Greece, Franc and Germany; in Greece, growth in the manufacturing sector has picked up notably."
However, overall he noted: "All-in-all, this highly uneven picture across the Eurozone is not exactly laying the groundwork for a sustained upswing."
The PMI is compiled by S&P Global, which sent surveys to panels totalling around 3,000 private sector companies across the bloc.
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