The S&P Global Eurozone Composite PMI fell to 47.5 in May of 2026 from 48.8 in the previous month, firmly below market expectations of 48.8 to reflect the sharpest pace of decline in private-sector activity since October of 2023. Activity was weighed by a decline in services (46.4 vs 47.6 in April), the fastest in over five years, to underscore the impact of higher prices triggered by the war in Iran since March. In turn, manufacturing maintained its robust streak despite a slowdown (51 vs 52.3). New business at the aggregate level dropped sharply from the previous month with both sectors noting declines, driving firms to reduce their outstanding business levels to their lowest since late 2024. Input costs rose the most in three years, driving firms to raise charges by a similar magnitude and thus reducing client's purchasing power. Consequently, companies reduced their staffing levels for a fifth straight month, seen in both sectors. Likewise business sentiment deteriorated further. source: S&P Global

Composite PMI In the Euro Area decreased to 47.50 points in May from 48.80 points in April of 2026. Composite PMI in the Euro Area averaged 51.48 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 47.50 points in May from 48.80 points in April of 2026. Composite PMI in Euro Area is expected to be 48.00 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
S&P Global Manufacturing PMI 51.40 52.20 points May 2026
S&P Global Services PMI 46.40 47.60 points May 2026

Related Last Previous Unit Reference
Bankruptcies QoQ 3.40 4.30 percent Dec 2025
Business Confidence -0.28 -0.27 points Apr 2026
Capacity Utilization 77.60 78.00 percent Mar 2026
Car Registrations 798839.30 775603.70 Units Mar 2026
Changes in Inventories 26.52 36.07 EUR Billion Dec 2025
Industrial Production YoY -2.10 -0.80 percent Mar 2026
Industrial Production MoM 0.20 0.20 percent Mar 2026
Industrial Sentiment -7.70 -7.00 points Apr 2026
Manufacturing Production -2.40 -0.90 percent Mar 2026
Mining Production -1.00 -4.60 percent Mar 2026
Services Sentiment 0.90 4.10 points Apr 2026
ZEW Economic Sentiment Index -9.10 -20.40 points May 2026


Euro Area Composite PMI
The S&P Global 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
EA Private-Sector Activity Deteriorates Most 2-1/2 Years
The S&P Global Eurozone Composite PMI fell to 47.5 in May of 2026 from 48.8 in the previous month, firmly below market expectations of 48.8 to reflect the sharpest pace of decline in private-sector activity since October of 2023. Activity was weighed by a decline in services (46.4 vs 47.6 in April), the fastest in over five years, to underscore the impact of higher prices triggered by the war in Iran since March. In turn, manufacturing maintained its robust streak despite a slowdown (51 vs 52.3). New business at the aggregate level dropped sharply from the previous month with both sectors noting declines, driving firms to reduce their outstanding business levels to their lowest since late 2024. Input costs rose the most in three years, driving firms to raise charges by a similar magnitude and thus reducing client's purchasing power. Consequently, companies reduced their staffing levels for a fifth straight month, seen in both sectors. Likewise business sentiment deteriorated further.
2026-05-21
Eurozone Private-Sector Activity Deteriorates
The S&P Global Eurozone Composite PMI fell to 48.8 in April of 2026 from 50.7 in the previous month, revised marginally higher from the preliminary estimate of 48.6 but remaining firmly below the initial market expectations of 50.2. It marked the first contraction in the EA private-sector activity in 16 months, reflecting a somewhat delayed impact on the services sector (47.6 vs 50.2 in March) from the war in Iran as higher energy costs weighed on consumer demand, enough to offset higher activity for manufacturers (52.3 vs 52). The contrast was consistent with swings for new orders and contracts, which contracted for services but expanded for goods producers. Private-sector employment dropped slightly, but the fall was contrastingly led by manufacturers. Input cost inflation at the aggregate surged to a 40-month high due to the increase in energy costs from the war in the Middle East, driving both sectors to increase their output charges. Consistently, business confidence deteriorated.
2026-05-06
Eurozone Private Sector Contracts Most in 17 Months
The S&P Global Eurozone Composite PMI fell to 48.6 in April of 2026 from 50.7 in March, contrasting with expectations of 50.2 for the sharpest contraction in the bloc's private-sector activity since November of 2024. The drop indicated a somewhat delayed impact on the services sector (47.4 vs 50.2 in March) from the war in Iran, as higher energy costs weighed on consumer demand. Business activity for service providers dropped the most in five years, especially in Germany, due to its reliance on foreign feedstock for electricity generation. In turn, the manufacturing sector posted an aggressive expansion (52.2 vs 52.0) despite the difficulty to source input goods. Input costs at the aggregate level rose the most since the end of 2022, driving companies to increase output charges the most in three years. Still, both sectors maintained their staffing levels broadly unchanged. The fresh headwinds from the war drove business outlook to decline sharply.
2026-04-23