Euro Area PMIs experience setback – Even without Trump

The composite Purchasing Managers' Index for the industry and the services sector in the euro area fell from 50.9 to 50.1.

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Dr. Vincent Stamer

Commerzbank Economic Research

04/23/2025

The situation deteriorated particularly in the services sectors in Germany and France. However, sentiment in the manufacturing sector remained stable. For this reason, today's setback is likely to be only marginally attributable to US tariff policy.

The composite PMI for manufacturing and the services sector in the euro area fell slightly in April from 50.9 to 50.1, which is largely in line with expectations. The decline is attributable to weaker results for the two largest economies in the eurozone. The composite PMI fell both in Germany (from 51.3 to 49.7) and in France (from 48.0 to 47.3).

The decline in April marks a noticeable setback for the eurozone sentiment indicator in its recovery that began in December 2024. However, the indicator is still just within the range in which the economy has grown slightly in the past. Today's setback once again suggests that the eurozone economy will recover only slowly in the current year.

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