The HCOB Eurozone Services PMI rose to 51.8 in February 2026 from 51.6 in January, a two-month high, signaling continued but modest expansion in the services sector. Markets were expecting a slightly higher reading of 51.9. Growth was supported by ongoing activity gains, although new business increased at a slower pace, pointing to softer demand momentum. Employment levels were unchanged, ending a five-year streak of job creation as firms paused hiring. Cost pressures eased slightly, with input prices rising at a slower rate than in January, while output price inflation in the services sector also moderated. Despite the softer trends in orders and pricing, service providers remained confident that activity will increase over the next 12 months, though optimism edged slightly lower compared with January. source: S&P Global

Services PMI In the Euro Area increased to 51.80 points in February from 51.60 points in January of 2026. Services PMI in Euro Area averaged 51.51 points from 2007 until 2026, reaching an all time high of 59.80 points in July of 2021 and a record low of 12.00 points in April of 2020. This page provides the latest reported value for - Euro Area Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Services PMI In the Euro Area increased to 51.80 points in February from 51.60 points in January of 2026. Services 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 Services PMI is projected to trend around 51.40 points in 2027 and 52.50 points in 2028, according to our econometric models.



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 1.20 2.20 percent Dec 2025
Industrial Production MoM -1.40 0.30 percent Dec 2025
Industrial Sentiment -6.80 -8.50 points Jan 2026
Manufacturing Production 1.40 2.20 percent Dec 2025
Mining Production 4.20 2.30 percent Dec 2025
Services Sentiment 7.20 5.80 points Jan 2026
ZEW Economic Sentiment Index 39.40 40.80 points Feb 2026


Euro Area Services PMI
The HCOB Eurozone Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of service providers in Germany, France, Italy, Spain and Ireland. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. The index 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
Euro Area Services PMI Rises Less than Expected
The HCOB Eurozone Services PMI rose to 51.8 in February 2026 from 51.6 in January, a two-month high, signaling continued but modest expansion in the services sector. Markets were expecting a slightly higher reading of 51.9. Growth was supported by ongoing activity gains, although new business increased at a slower pace, pointing to softer demand momentum. Employment levels were unchanged, ending a five-year streak of job creation as firms paused hiring. Cost pressures eased slightly, with input prices rising at a slower rate than in January, while output price inflation in the services sector also moderated. Despite the softer trends in orders and pricing, service providers remained confident that activity will increase over the next 12 months, though optimism edged slightly lower compared with January.
2026-02-20
Euro Area Services PMI Edges Down to 4-Month Low
The HCOB Flash Eurozone Services PMI decreased to 51.9 in January 2026, the lowest in four months, from 52.4 in December and below forecasts of 52.6. The reading signalled a slowdown in services-sector growth, with staffing levels flat after nearly five years of continuous job creation. Meanwhile, charge inflation accelerated to its sharpest pace in 11 months, even as business confidence improved. Services activity in Germany expanded at a fairly robust pace, while in France service companies slipped into contractionary territory. This may be linked to the political difficulties in finalising the 2026 budget.
2026-01-23
Eurozone Services PMI Revised Lower
The HCOB Eurozone Services PMI eased to 52.4 in December 2025, revised lower from an initial estimate of 52.6 and from 53.6 in November, marking the slowest expansion in three months. New business rose at the weakest pace in three months, with gains confined to domestic markets as new export orders fell at the sharpest rate since September 2025. Despite slower order growth, employment expanded at a stronger pace, extending the current hiring streak as firms sought to support capacity and service levels. Outstanding business declined more rapidly, indicating reduced pressure on workloads. On the price front, cost pressures intensified, with input cost inflation accelerating and firms raising selling prices at an above-average pace. Meanwhile, business confidence among service providers weakened to a seven-month low, as concerns over demand conditions and the broader economic outlook weighed on sentiment heading into the new year.
2026-01-06