HCOB Flash Eurozone PMI® – læs hele analysen her
Eurozone business activity rises at fastest pace in three months
Key findings:
HCOB Flash Eurozone Composite PMI Output Index(1) at 51.9 (January: 51.3). 3-month high.
HCOB Flash Eurozone Services PMI Business Activity Index(2) at 51.8 (January: 51.6). 2-month high.
HCOB Flash Eurozone Manufacturing PMI Output Index(4) at 52.1 (January: 50.5). 6-month high.
HCOB Flash Eurozone Manufacturing PMI(3) at 50.8 (January: 49.5). 44-month high.
Data were collected 09-18 February
The rate of growth in eurozone business activity hit a three-month high in February, according to provisional PMI® survey data. The improvement in the rate of expansion was most notable in the manufacturing sector, where output increased at the fastest pace since August last year.
Meanwhile, the upturn in overall new orders remained muted and was unchanged from January, and companies again showed a reluctance to hire additional staff. The rate of input cost inflation quickened for the fourth month
running, although output charges were raised at a slightly softer pace than in January. Business confidence also eased, but was still the second-highest in 21 months.
Output and demand
The seasonally adjusted HCOB Flash Eurozone Composite PMI Output Index, based on approximately 85% of usual survey responses and compiled by S&P Global, rose to 51.9 in February from 51.3 in January, above the 50.0 no-change mark for the
fourteenth consecutive month and pointing to a modest monthly increase in business activity in the euro area’s private sector. Moreover, the pace of expansion quickened to a three-month high.
Faster increases in activity were recorded across both the manufacturing and services sectors in February. The more notable acceleration in growth was in the manufacturing sector. Here, the rise in production was the sharpest since August 2025,
outpacing the expansion in services activity for the first time since that month. Highlighting the improvement in the manufacturing sector during February, the headline PMI rose to a 44-month high of 50.8, posting above the 50.0 no-change
mark for the first time in six months.
Back at the composite level, Germany posted a solid increase in business activity that was the fastest in four months, while France registered broadly no change in output since January. The rest of the eurozone continued to see output increase, albeit
at the slowest pace since June 2025. While the expansion in euro area business activity picked up in February, the rate of new order growth was unchanged from the start of the year, remaining marginal. Manufacturing new orders increased for the first time in six months, and at the fastest pace in almost four years, but services new business growth slowed. New business from abroad (which includes intraeurozone trade) fell again, with the pace of reduction broadly in line with that seen in January.
