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EUROZONE, the contraction in the production and services sectors continues

2023-12-16 10:28:52Biznes SHKRUAR NGA REDAKSIA VOX

EUROZONE, the contraction in the production and services sectors continues

The manufacturing and services sectors of the eurozone continue to contract, against a background of falling demand and rising costs. Hamburg Commercial Bank (HCOB) and index provider S&P Global released a new set of data measuring the economic health of the eurozone.

The four main PMI (Purchasing Managers Index) figures look at a range of indicators across the manufacturing and service sectors, including new orders, production, employment, supplier delivery times and inventories.

The Composite Manufacturing PMI, which is a weighted average that looks at output between the two sectors, came in at 47 for early December, up from 47.6 in November and 46.5 in October. The composite index has now remained below 50, the economic contraction threshold, for seven months.

The Eurozone PMI study is based on survey responses from companies based in Germany, France, Italy, Spain, the Netherlands, Austria, Ireland and Greece, however it is useful to note that the latest figures are so-called 'flash' numbers.

This means they are based on 85% to 90% of the total PMI responses collected each month and are used as an advanced forecast. The composite index takes into account output in the manufacturing sector and activity in the service sector.

Looking at manufacturing output alone, the index reached 44.1. The figure for December was down from 44.6 in November and 43.1 in October, indicating that the easing pace of November's contraction was a short-lived ray of hope.

Looking at the Services Activity PMI alone, this number rose to 48.1 in December, up from 48.7 in November. This is the third fastest rate of decline seen since the COVID-19 lockdowns in early 2021.

Nationally, contractions were heaviest in France, where business activity slowed at its sharpest pace since March 2013, excluding pandemic years. The picture from Germany was almost as alarming, as the Composite Purchasing Managers' Index fell for a sixth consecutive month, falling to 46.7 in December from November's figure of 47.8.

From the eurozone and the UK, the picture is slightly more positive. While manufacturing output is declining, leading to an increase in factory job losses, the Composite Manufacturing Index and Services Activity PMI are both above the 50 mark, signaling growth.


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