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Euro zone business activity growth hits 11-month high in July

July 31, 2025

Euro zone business activity accelerated faster than forecast this month, supported by a solid improvement in the bloc’s dominant services industry and with manufacturing showing further signs of recovery.

HCOB’s preliminary composite euro zone Purchasing Managers’ Index, compiled by S&P Global and seen as a good guide to growth, rose to an 11-month high of 51.0 points from 50.6 in June.

For the first time in over a year, overall demand did not decline, though there was no expansion. The composite new business index came in bang on 50, its highest level since May 2024.

A manufacturing PMI, which has been sub-50 for three years, climbed to 49.8 from June’s 49.5, just ahead of the poll estimate for 49.7, while an index measuring output dipped slightly to 50.7 from 50.8.

Although some of that activity was driven by completing past orders, factories did so at the slowest rate in around three years. The backlogs of work index rose to 49.0 from 47.1.

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