Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 51.2 points in February this year, down from January’s 52.3 points and increasing compared to the earlier flash estimate of 51.0 points. The euro zone manufacturing PMI fell to a 12-month low despite posting slightly above its earlier flash estimate of 51.0.
The rate of growth in the eurozone manufacturing sector continued to slow in February, as expansions in production, new orders, new export business and employment all lost momentum.
Manufacturing production rose at the slowest pace for a year, as rates of expansion in new business and new export orders eased to the weakest since April 2015 and January 2015 respectively.
“With factory output in the eurozone showing the smallest rise for a year in February, concerns are growing that the region is facing yet another year of sluggish growth in 2016, or even another downturn. Lacklustre domestic demand is being compounded by a worsening global picture. Exports either fell or rose more slowly in all countries surveyed with the sole exception of Austria” stated Chris Williamson, chief economist at Markit.