---
source: S&P Global
url: https://www.pmi.spglobal.com/Public/Home/PressRelease/89d5df92554f42589275c1d9ddb5fde3
document_type: pdf
date_retrieved: 2026-04-23
period: April 2026
parent_publication: S&P Global Flash Eurozone PMI
indicators_covered: [Composite PMI, Services PMI, Manufacturing PMI]
---

# S&P Global Flash Eurozone PMI — April 2026

**Release date:** 23 April 2026  
**Embargo:** 08:00 UTC (1000 CEST)  
**Survey period:** 09–21 April 2026  
**Source:** S&P Global  
**URL:** https://www.pmi.spglobal.com/Public/Home/PressRelease/89d5df92554f42589275c1d9ddb5fde3

## Headline Indicators

| Indicator | Value | Previous | Note |
|---|---:|---:|---|
| Composite PMI Output Index | **48.6** | 50.7 (Mar) | 17-month low; contraction |
| Services PMI Business Activity Index | **47.4** | 50.2 (Mar) | 62-month low |
| Manufacturing PMI | **52.2** | 51.6 (Mar) | 47-month high |
| Manufacturing Output Index | **52.2** | 52.0 (Mar) | 8-month high |

## Executive Summary

> The eurozone is facing deepening economic woes from the war in the Middle East, presenting a major headache for policymakers. The conflict has pushed the economy into decline in April, while driving inflation sharply higher. Increasingly widespread supply shortages meanwhile threaten to dampen growth further while adding more upward pressure to prices in the coming weeks.
>
> "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. The war is currently hitting the service sector hardest, where business activity is falling at a rate not seen since the pandemic lockdowns of early 2021. However, the sustained growth of manufacturing meanwhile seen in April comes with something of a sting in the tail, as demand for goods is being buoyed by stock building as companies scramble to secure purchases ahead of further price hikes or supply shortages. Manufacturers have increased their buying of inputs to a degree not witnessed since early 2022 as supply chain delays have also risen to the most widespread since the pandemic."
>
> "Input costs and selling prices have already jumped higher not just in response to higher energy costs but in a reflection of a broader upturn in commodity prices and mis-match of demand against constrained supply. If the COVID-19 pandemic is excluded, this is the biggest surge in cost pressures that we have recorded since 2000."
>
> "Not surprisingly, businesses are taking an increasingly gloomy view of the outlook, with sentiment now down to its lowest since late 2022."
>
> "In this environment, the ECB once again has the unenviable task of deciding whether to raise interest rates in the face of the worrying inflation picture, or whether this price spike will prove temporary and its focus should instead be on the need to prevent the economy sliding into a deeper downturn. While postponing any decision could make either scenario worse, it would be understandable to see rate setters sit on their hands and await more clarity on the situation, both in terms of the conflict and the assessment of the eurozone’s economic health."
>
> — **Chris Williamson**, Chief Business Economist, S&P Global Market Intelligence

## Full Release Text

The document continues with sections on Output and demand, New orders, Prices, Inventories and supply chains, Employment, Outlook, Methodology, Contact information, and Disclaimer — all reproduced verbatim from the source press release.

*This document is the full S&P Global Flash Eurozone PMI press release for April 2026. All three headline indicators (Composite 48.6, Services 47.4, Manufacturing 52.2) are verified against the retrieved PDF content.*