Eurozone, towards recovery? - The private sector recorded the highest economic growth in two years
During October, private sector activity in the Eurozone expanded at the fastest pace since mid-2023. This positive change came mainly from strong growth in the services sector in Germany.
The Eurozone's Composite Purchasing Managers' Index rose to 52.2 in October, from 51.2 in September, according to preliminary estimates, marking the ninth consecutive month of expansion and reaching the highest level since May 2023. The result defied market expectations for a slowdown to 51, signaling that the bloc's economic recovery may be gaining momentum again.
Growth was broad-based, with improvements in both the services and manufacturing sectors, although services remained the main driver, reaching the highest level of activity since August 2024.
Meanwhile, employment returned to “positive territory,” supported by a stabilisation of arrears. Although input cost pressures eased, businesses raised output prices at the fastest pace in seven months, suggesting a slight pick-up in consumer inflation. Economists interpreted this as support for the European Central Bank’s decision to keep interest rates unchanged.
The bloc's two largest economies, Germany and France, continued to follow different trajectories. Germany's recovery gained momentum in October, with private sector output expanding at the fastest pace in nearly two and a half years. The Purchasing Managers' Index rose to 53.8 from 52.0 in September, driven by services and a stabilisation in the manufacturing sector.
In stark contrast, France's private sector sank further into contraction. The economic slowdown worsened in October, as France's composite PMI index fell to 46.8 from 48.1 in September, reaching its lowest level since February and marking the 14th consecutive month of contraction.
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