According to S&P Global data for June 2025, the eurozone private sector is showing a fragile recovery: the composite PMI rose to 50.6, indicating moderate growth. Domestic services remain the main driver, while the manufacturing sector continues to come under pressure amid weak external demand.
Germany showed signs of stabilization: the manufacturing PMI reached 49.0, the highest level since July 2022. Despite this, the total number of new orders has continued to decline for 17 months in a row, albeit at the weakest pace in a year. At the same time, the decline in industry in Italy is deepening: the PMI fell to 45.7, and output contracted at the fastest pace in six months.
Poland showed the worst performance among the countries under review: the manufacturing PMI fell to 44.8, the lowest since April 2023. The decline in new orders, output and purchases points to an accelerating decline in activity in the sector.