Eurozone manufacturing activity expanded at its fastest pace in more than four years during September, according to the latest S&P Global purchasing managers’ survey.
The S&P Global Eurozone Manufacturing PMI increased to 52.9 in September from 52.7 in August, reaching its highest level since May 2022. Readings above 50.0 indicate an expansion in activity.
The manufacturing output index also increased, rising to 53.6 from 53.3 and reaching a 55-month high.
The survey data were collected between September 10 and September 23, 2026.
All Eight Surveyed Countries Record Expansion
All eight eurozone countries covered by the survey recorded an improvement in manufacturing conditions for the first time in more than four years.
The Netherlands registered the strongest improvement, followed by Ireland and Austria. Germany and Greece also recorded expansions, while growth was more modest in Spain, France and Italy.
New orders increased at their fastest rate since March 2022. Export orders rose for a second consecutive month, representing the first sustained increase in more than four and a half years.
Manufacturing Employment Increases
Employment across the eurozone manufacturing sector increased in September following a three-year period of decline that continued through July.
Backlogs of work also increased for the first time since April, with outstanding business accumulating at its fastest rate in almost four and a half years.
Manufacturers increased their purchasing activity at the second-fastest pace since May 2022. Inventories of inputs declined only marginally by the end of the third quarter.
Supplier delivery times continued to lengthen, although the extent of the delays was the least pronounced since February.
Price Pressures Increase as Business Confidence Improves
Input costs and manufacturers’ selling prices both increased at faster rates in September, recording their first acceleration since May.
However, the rates of increase remained below the peaks recorded earlier in 2026 following the start of the Middle East conflict.
Business confidence among eurozone manufacturers improved to a seven-month high and moved further above its long-term average.
Leave a Reply