The final Eurozone manufacturing PMI for March was 46.1, down from 46.5 in February. Disparities between member countries continued, with Greece's score at 56.9, the highest level in 25 months, Italy's score at 50.4, the highest level in 12 months, and Spain's score falling slightly at 5.1.4. Meanwhile, Germany hit a five-month low of 41.9, and France's index fell to 46.2.
Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank, gave a grim outlook based on the latest PMI data, suggesting that the recession in euro zone manufacturing is likely to continue.
Dell'Albia said the manufacturing industry in the euro area, which is highly dependent on the combined output of the Euro 4 countries of Germany, France, Italy and Spain, is facing significant economic downturns, with Germany and France experiencing significant economic downturns. He pointed out that he was facing challenges. Italy and Spain showed signs of recovery in March and February, respectively, but the improvements have not yet offset the sector-wide decline.
Although the pace of decline in orders slowed in the first quarter, the industry still recorded a net loss in orders compared to the previous month. The trend has raised concerns that the sector may soon surpass the longest period of contraction in new orders recorded during the 2011-2013 euro crisis. Such a scenario highlights the difficulties facing a rapid reversal of manufacturing activity across the euro area.
Click here for the final release of the complete Eurozone PMI Manufacturing.
