The latest economic data are globally in line with, or even above, expectations. Some indicators remain at a high level compared to their longterm average. The further and significant deterioration in manufacturing activity draws our attention. In March 2019, the PMI manufacturing in the eurozone reached a lowest point since 2013, at 47.6, displaying a declining trend since the peak at the end of 2017 (60.6). A more pronounced decrease can be observed in Germany, where the PMI manufacturing reached only 44.7 in March, in line with the slowdown in global trade which weighs on exports orders. Although slightly below its long-term average, the PMI services in the eurozone remains resilient.
Index Eurozone
