Tuba Sahin
21 February 2023•Update: 21 February 2023
ANKARA
The euro area manufacturing purchasing managers’ index (PMI) surprisingly tumbled to a two-month low in February, according to a preliminary flash data released on Tuesday.
The S&P Global Flash Eurozone Manufacturing PMI slumped to 48.5 in February, down from 48.8 in January.
The market expectation was a rise to 49.3 in February.
The main reading was below 50, the threshold that separates growth from contraction, for the eighth consecutive month.
Manufacturers eked out modest growth in production as the factory output index increased to 50.4, the first rise since last May.
Chemical and plastics and basic resources remained the main areas of weakness, while food and drink, household goods, and industrial goods manufacturing showed further signs of recovery, the S&P Global report said.
Eurozone business activity growth accelerated to a nine-month high in February, with the flash composite PMI at 52.3.
Rising demand, healing supply chains, order book backlog reduction, and improved confidence underpinned the upturn, read the report.
