Eurozone Manufacturing PMI Hits Lowest in 3 Months

46.1 as of March

The Purchasing Managers' Index (PMI), which reflects the Eurozone's economic sentiment, recorded its lowest level in three months.

According to S&P Global on the 2nd, the Eurozone manufacturing PMI last month stood at 46.1. This is a 0.4-point decline from the previous month (46.5), marking the lowest figure since December last year. A PMI below the baseline of '50' indicates a contraction in business conditions.

Hamburg Commercial Bank (HCOB) in Germany stated, "The manufacturing PMI has gradually increased over the past eight months, but it still remains at a contraction level, and progress to the next stage has not been realized. It is not surprising to predict that the Eurozone manufacturing sector will continue to experience a recession."

The economic sentiment of German companies also continued to show contraction. Last month, the HCOB PMI was 41.9, down 0.6 points from February (42.5). This is the lowest figure in five months.

HCOB said, "Germany's manufacturing sector has been in recession since mid-last year," adding, "The latest PMI figures also signal another contraction in the first quarter of this year."

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