Eurozone PMI, April 2023

24 April 2023

Eurozone business activity growth accelerated to an 11-month high in April according to the latest Hamburg Commercial Bank (HCOB) flash PMI survey data, compiled by S&P Global, indicating that the economy has gained further growth momentum at the start of the second quarter. The seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index rose for a sixth consecutive month in April, up from 53.7 in March to 54.4, its highest since May of last year.
The upturn was driven by reviving demand and was accompanied by the largest increase in employment for nearly a year. Inflation pressures meanwhile moderated further, with input prices falling at an increased rate in manufacturing amid a record easing of supply constraints to help drive the overall rate of selling price inflation down to the lowest for two years. Business confidence in the outlook has also remained resilient, well above last year's lows, despite recent banking sector stress. Less positively, growth has become increasingly unbalanced, driven solely by the service sector as manufacturing output has fallen back into decline amid slumping demand for goods. HCOB Flash Eurozone Services PMI Business Activity Index rose to 56.6 from 55.0 that is 12-month high. HCOB Flash Eurozone Manufacturing PMI decresed to 45.5 from 47.3 which is 35-month low. Furthermore, despite easing further, overall input cost and selling price inflation rates remain elevated by historical standards, especially in the service sector.
Source:  HCOB S&P Global Eurozone PMI®
Post by: Republic of Türkiye Ministry of Trade