Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) reached a three-month high of 51.7 points in April this year, up from March’s 51.6 points and increasing compared to the earlier flash estimate of 51.5 points.
Although the growth of both euro zone manufacturing production and new orders was slower than in March, the trend in new export business improved slightly. Germany, Italy and Spain all saw stronger gains in new export business. A solid increase was also registered in the Netherlands in April compared to March.
“The PMI has now edged higher for two successive months, but has improved only marginally from what was a worryingly low base earlier in the year. The survey is signalling an anaemic annual rate of growth of manufacturing production of just less than one percent, which is half the pace seen in the months leading up to the recent slowdown,” stated Chris Williamson, chief economist at Markit.