The HCOB Flash Eurozone Composite PMI inched lower to 51.3 in January of 2026 from the 51.5 in the previous month, revised downwards from 51.5 and under the initial market expectations of 51.8. Despite dropping to a four month low, the result reflected 13 straight months of growth in the Eurozone's private output. The expansion was supported by higher business for services providers (51.6 vs 52.4 in December 2025) and a rebound for manufacturing (50.5 vs 48.9). New orders at the aggregate level rose for a sixth month, although at a sharply lower magnitude with restriction from a fall in export orders. Despite growth in output and new business, firms cut back on their employment levels at a marginal pace, mainly due to lower employment in Germany. On the price front, input cost inflation rose to a near one-year high, driving output charges to accelerate to its highest since April 2024. Looking forward, business sentiment rose to a 20-month high on greater optimism or manufacturers. source: S&P Global

Composite PMI In the Euro Area decreased to 51.30 points in January from 51.50 points in December of 2025. Composite PMI in Euro Area averaged 51.53 points from 2012 until 2026, reaching an all time high of 60.20 points in July of 2021 and a record low of 13.60 points in April of 2020. This page provides the latest reported value for - Euro Area Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI In the Euro Area decreased to 51.30 points in January from 51.50 points in December of 2025. Composite PMI in Euro Area is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Composite PMI is projected to trend around 52.20 points in 2027, according to our econometric models.


Components Last Previous Unit Reference
HCOB Manufacturing PMI 49.50 48.80 points Jan 2026
HCOB Services PMI 51.60 52.40 points Jan 2026

Related Last Previous Unit Reference
Bankruptcies QoQ 5.10 4.10 percent Sep 2025
Business Confidence -0.39 -0.47 points Jan 2026
Capacity Utilization 78.20 77.80 percent Dec 2025
Car Registrations 759161.00 801765.00 Units Dec 2025
Changes in Inventories 36.46 35.41 EUR Billion Sep 2025
Industrial Production YoY 2.50 1.70 percent Nov 2025
Industrial Production MoM 0.70 0.70 percent Nov 2025
Industrial Sentiment -6.80 -8.50 points Jan 2026
Manufacturing Production 2.40 1.20 percent Nov 2025
Mining Production 2.90 9.40 percent Nov 2025
Services Sentiment 7.20 5.80 points Jan 2026
ZEW Economic Sentiment Index 40.80 33.70 points Jan 2026


Euro Area Composite PMI
The HCOB Eurozone Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, is compiled by S&P Global from responses to questionnaires sent to survey panels of manufacturers in Germany, France, Italy, Spain, the Netherlands, Austria, Ireland and Greece, and of service providers in Germany, France, Italy, Spain and Ireland, totaling around 5,000 private sector companies. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Eurozone Private Sector Output Revised Lower
The HCOB Flash Eurozone Composite PMI inched lower to 51.3 in January of 2026 from the 51.5 in the previous month, revised downwards from 51.5 and under the initial market expectations of 51.8. Despite dropping to a four month low, the result reflected 13 straight months of growth in the Eurozone's private output. The expansion was supported by higher business for services providers (51.6 vs 52.4 in December 2025) and a rebound for manufacturing (50.5 vs 48.9). New orders at the aggregate level rose for a sixth month, although at a sharply lower magnitude with restriction from a fall in export orders. Despite growth in output and new business, firms cut back on their employment levels at a marginal pace, mainly due to lower employment in Germany. On the price front, input cost inflation rose to a near one-year high, driving output charges to accelerate to its highest since April 2024. Looking forward, business sentiment rose to a 20-month high on greater optimism or manufacturers.
2026-02-04
Eurozone Private Activity Expands at Steady Pace
The HCOB Flash Eurozone Composite PMI was at 51.5 in January of 2026, remaining unchanged from the previous month and slightly below market expectations of 51.8 to reflect a momentary stabilization in private-sector activity growth in the currency bloc. The growth was supported by the services sector (51.9 vs 52.4 in December 2025) despite its slowdown, while manufacturing production returned to growth (50.2 vs 48.9). New orders at the aggregate level rose for a sixth month, although at the lowest magnitude in four months with restriction from a fall in export orders. Despite growth in output and new business, firms cut back on their employment levels at a marginal pace, mainly due to lower employment in Germany. On the price front, input cost inflation rose to a near one-year high, driving output charges to accelerate to its highest since April 2024. Looking forward, business sentiment rose to a 20-month high on greater optimism or manufacturers.
2026-01-23
Eurozone Private Sector Slows More than Initially Thought
The HCOB Flash Eurozone Composite PMI for December 2025 was revised lower to 51.5, from a flash estimate of 51.9 and down from November’s 30-month high of 52.8. The latest figures point to a cooling in private-sector activity, driven by a moderation in services growth (PMI at 52.4 vs 53.6) and a continued downturn in manufacturing (PMI at 48.8 vs 49.6). New business rose in December, marking five consecutive months of growth, though the upturn slowed to its weakest since September. Weaker demand allowed firms to reduce backlogs at the fastest rate in three months. Employment continued to rise, with job creation ticking slightly higher from November, though growth remained marginal amid further manufacturing cuts. Input cost inflation accelerated to a nine-month high, while output price growth held steady from November, the joint-weakest since October 2024. Looking ahead, eurozone companies were slightly less optimistic towards the next 12 months than they were during November.
2026-01-06