News Release Embargoed until 1000 CEST (0800 UTC) 23 April 2026 ® S&P Global Flash Eurozone PMI Eurozone output falls for first time in 16 months as prices surge higher April 2026 S&P Global Eurozone Composite PMI Output Gross domestic product Flash Eurozone PMI Composite Output Index: 48.6 Index, sa, >50 = growth m/m % qr/qr (Mar: 50.7). 17-month low. 65 1.6 60 Flash Eurozone Services PMI Business Activity 55 0.8 Index: 47.4 (Mar: 50.2). 62-month low. 50 0.0 45 Flash Eurozone Manufacturing Output Index: 52.2 40 -0.8 (Mar: 52.0). 8-month high. 35 -1.6 30 Flash Eurozone Manufacturing PMI: 52.2 25 -2.4 (Mar: 51.6). 47-month high. 20 16 17 18 19 20 21 22 23 24 25 26 -3.2 Data were collected 09-21 April 2026. The eurozone private sector dipped into contraction in April, Sources: S&P Global PMI, Eurostat via S&P Global Market Intelligence. © 2026 S&P Global ® according to provisional PMI survey data, thereby ending a 15-month sequence of growth. The overall reduction in business activity was centred on service providers, while the manufacturing sector reported higher output, albeit in part Comment linked to the building of safety stocks. Inflationary pressures Chris Williamson, Chief Business Economist at S&P continued to strengthen, with both input costs and output Global Market Intelligence: prices rising at the sharpest rates in more than three years “The eurozone is facing deepening economic woes from the war in amid the impacts of the war in the Middle East. The war also the Middle East, presenting a major headache for policymakers. caused severe supply-chain disruption, with manufacturers The conflict has pushed the economy into decline in April, while seeing suppliers' delivery times lengthen to the greatest driving inflation sharply higher. Increasingly widespread supply shortages meanwhile threaten to dampen growth further while extent since mid-2022. Meanwhile, business confidence adding more upward pressure to prices in the coming weeks. waned and employment fell marginally. “April’s flash PMI has moved into contraction territory for the first time since late 2024, signalling a 0.1% quarterly rate of GDP decline after a 0.2% gain had been signalled for the first quarter. Output and demand The war is currently hitting the service sector hardest, where business activity is falling at a rate not seen since the pandemic The seasonally adjusted S&P Global Flash Eurozone lockdowns of early 2021. However, the sustained growth of manufacturing meanwhile seen in April comes with something of Composite PMI Output Index, based on approximately 85% of a sting in the tail, as demand for goods is being buoyed by stock usual survey responses, dropped below the 50.0 no-change building as companies scramble to secure purchases ahead of further price hikes or supply shortages. Manufacturers have mark for the first time in 16 months during April, posting 48.6 increased their buying of inputs to a degree not witnessed since from a reading of 50.7 in March. early 2022 as supply chain delays have also risen to the most widespread since the pandemic. The decline in output at the start of the second quarter “Input costs and selling prices have already jumped higher not was centred on the service sector. Here, business activity just in response to higher energy costs but in a reflection of a decreased for the first time in almost a year, and at the broader upturn in commodity prices and mis-match of demand against constrained supply. If the COVID-19 pandemic is excluded, steepest pace since February 2021. On the other hand, this is the biggest surge in cost pressures that we have recorded manufacturing production continued to rise, expanding for since 2000. the fourth month running and at the fastest rate since last “Not surprisingly, businesses are taking an increasingly gloomy August. view of the outlook, with sentiment now down to its lowest since late 2022. The fall in output was broad-based across the region. In “In this environment, the ECB once again has the unenviable Germany, business activity decreased for the first time in task of deciding whether to raise interest rates in the face of the worrying inflation picture, or whether this price spike will prove 11 months, while output in France fell at the sharpest pace temporary and its focus should instead be on the need to prevent since February 2025. Meanwhile, the rest of the euro area as the economy sliding into a deeper downturn. While postponing any decision could make either scenario worse, it would be a whole registered a slight drop in output, ending a sequence understandable to see rate setters sit on their hands and await of growth stretching back to January 2024. more clarity on the situation, both in terms of the conflict and the assessment of the eurozone’s economic health.” New orders decreased in the eurozone for the second © 2026 S&P Global ® S&P Global Flash Eurozone PMI consecutive month in April, and at the fastest pace for Eurozone Services PMI Business Activity almost a year-and-a-half. As was the case with output, the Eurozone Manufacturing PMI Output Index, sa, >50 = growth m/m overall reduction was driven by falling services new business. 65 Manufacturing new orders, on the other hand, increased at the fastest pace in four years, supported by a first rise in 60 new export business (which includes intra-eurozone trade) since February 2022. However, some of the upturn reflected 55 reports of customers seeking to secure purchases amid concerns over price rises and supply shortages. 50 Prices 45 Continuing the picture seen in March following the 40 outbreak of war in the Middle East, inflationary pressures 21 22 23 24 25 26 strengthened during April. Source: S&P Global PMI. ©2026 S&P Global. Input costs increased at the fastest pace since the end of 2022. Rates of cost inflation quickened across both goods S&P Global Eurozone Manufacturing PMI Index, sa, >50 = improvement m/m and services, but manufacturers registered the sharper rise. 65 In turn, output price inflation hit a 37-month high. Selling 60 prices increased particularly sharply in Germany, but stronger inflation was also seen in France and across the 55 rest of the single currency bloc as a whole. 50 Inventories and supply chains 45 40 The war in the Middle East caused substantial supply- chain delays in the eurozone manufacturing sector at the 35 start of the second quarter of the year. Supplier lead times 30 lengthened to the largest extent since July 2022. 16 17 18 19 20 21 22 23 24 25 26 Meanwhile, manufacturers continued to expand their Source: S&P Global PMI. ©2026 S&P Global. purchasing activity in response to greater new order inflows, but also to build safety stocks. Input buying rose for the Services PMI Input Prices second month running, and at a modest pace that was the Services PMI Prices Charged fastest since May 2022. Supply-chain disruption meant Manufacturing PMI Input Prices Manufacturing PMI Output Prices that stocks of purchases decreased despite increased Index, sa, >50 = inflation m/m purchasing, but the rate of depletion was the weakest in the 90 current 39-month sequence of decline. Stocks of finished goods also fell to a lesser degree than in March. 80 70 Employment 60 While output and new orders decreased solidly in April, firms only reduced employment at a marginal pace, and less than 50 seen in March. 40 In contrast to the demand picture, resilience with regards to staffing levels was seen in the service sector, where 30 21 22 23 24 25 26 employment continued to rise slightly. On the other hand, manufacturing workforce numbers decreased. Source: S&P Global PMI. ©2026 S&P Global. Germany posted a fall in employment, but staffing levels were up in France and across the rest of the euro area. German companies expressed a pessimistic outlook for the Outlook first time in just over a year-and-a-half, while reduced - but still positive - optimism was signalled in France and across Confidence in the year-ahead outlook for business activity the rest of the eurozone. continued to wane after having hit a 21-month high in February. Sentiment in April was the lowest since November 2022 and comfortably below the average since the series began in 2012. Services optimism was the weakest in three-and-a-half years, while in the manufacturing sector confidence dropped to a 17-month low. © 2026 S&P Global ® S&P Global Flash Eurozone PMI Contact Chris Williamson Andrew Harker Hannah Brook Chief Business Economist Economics Director EMEA Corporate Communications S&P Global Market Intelligence S&P Global Market Intelligence S&P Global Market Intelligence T: +44-779-5555-061 T: +44-1491-461-016 T: +44-7483-439-812 chris.williamson@spglobal.com andrew.harker@spglobal.com hannah.brook@spglobal.com press.mi@spglobal.com If you prefer not to receive news releases from S&P Global, please email press.mi@spglobal.com. To read our privacy policy, click here. Methodology Final April data are published on 4 May for manufacturing and 6 May for services and compared with one month previously. The Business Activity Index is comparable to the composite indicators. Manufacturing Output Index. It may be referred to as the ‘Services PMI’ but is not comparable ® The S&P Global Flash Eurozone Composite PMI is compiled by S&P Global from responses with the headline Manufacturing PMI. to questionnaires sent to survey panels of manufacturers in Germany, France, Italy, Spain, Flash data are calculated from around 80-90% of total responses and are intended to provide the Netherlands, Austria, Ireland and Greece, and of service providers in Germany, France, an accurate early indication of the final data. Since flash data were first processed, the Italy, Spain and Ireland, totalling around 5000 companies. The panels are each stratified by average differences between final and flash index values for the headline indices are: detailed sector and company workforce size, based on contributions to GDP. The services Composite Output Index = 0.0 (absolute difference 0.3) sector is defined as consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. Services Business Activity Index = -0.1 (absolute difference 0.3) Survey responses are collected in the second half of each month and indicate the direction of Manufacturing PMI = 0.0 (absolute difference 0.2) change compared to the previous month. The following variables are monitored: S&P Global do not revise underlying survey data after first publication, but seasonal Manufacturing: Output, new orders, new export orders, backlogs of work, stocks of finished adjustment factors may be revised from time to time as appropriate which will affect the goods, employment, quantity of purchases, suppliers' delivery times, stocks of purchases, seasonally adjusted data series. Historical data relating to the underlying (unadjusted) input prices, output prices, future output. numbers, first published seasonally adjusted series and subsequently revised data are available to subscribers from S&P Global. Services: Business activity, new business, new export business, outstanding business, employment, input prices, prices charged, future activity. For further information on the PMI survey methodology, please contact economics@spglobal.com. A diffusion index is calculated for each manufacturing and services variable, at the national level. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted. S&P Global Eurozone manufacturing and services indices are calculated by weighting together the S&P Global (NYSE: SPGI) provides essential intelligence. We enable governments, businesses national indices. National weights are calculated from annual manufacturing or services value and individuals with the right data, expertise and connected technology so that they can added sourced from Eurostat. make decisions with conviction. From helping our customers assess new investments to guiding them through ESG and energy transition across supply chains, we unlock new Eurozone composite indices for are calculated by weighting together comparable Eurozone opportunities, solve challenges and accelerate progress for the world. manufacturing and services indices using official eurozone manufacturing and services annual value added sourced from Eurostat. We are widely sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and The headline figure is the Composite Output Index. This is a weighted average of the automotive markets. With every one of our offerings, we help the world’s leading organizations Manufacturing Output Index and the Services Business Activity Index. It may be referred to as plan for tomorrow, today. www.spglobal.com/marketintelligence/en/mi/products/pmi the ‘Composite PMI’ but is not comparable with the headline Manufacturing PMI, which is a weighted average of five manufacturing indices (including the Manufacturing Output Index). ® The headline manufacturing figure is the Manufacturing Purchasing Managers’ Index™ (PMI ). The PMI is a weighted average of the following five indices: New Orders (30%), Output (25%), PMI by S&P Global Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI ® Purchasing Managers’ Index™ (PMI ) surveys are now available for over 40 countries and also calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable for key regions including the eurozone. They are the most closely watched business surveys direction to the other indices. in the world, favoured by central banks, financial markets and business decision makers for The headline services figure is the Services Business Activity Index. 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