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Eurozone Manufacturing in ‘Fragile Hopes’ for Recovery

July 31, 2025

S&P Global’s eurozone Manufacturing PMI rose to 49.5 in June from 49.4 in May, the highest reading since August 2022, but still below the 50 threshold, implying activity is picking up.

National surveys revealed stark differences across the currency bloc. Ireland recorded the highest PMI at 53.7, a 37-month high. Greece, Spain, and the Netherlands also posted readings above 50.

Meanwhile, Germany’s manufacturing PMI reached its highest in nearly three years though still indicating contraction. France, Italy and Austria registered faster declines in manufacturing sector conditions.

Rob Dobson, Director at S&P Global Market Intelligence, said that “any hopes for stabilisation remain fragile.”

The Eurozone Services PMI rose to 50.5 in June from 49.7 in May.

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