Euro zone manufacturing growth rises in Oct amid recovery of demand

Tuesday, 03 November 2020 15:41:35 (GMT+3)   |   Istanbul

Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) posted 54.8 points in October, up from September’s 53.7 points and increasing compared to the earlier flash estimate at 54.4 points.

Growth was seen across all three market groups during October. The fastest expansion was seen in investment goods, where growth improved to its highest level for over two years. A solid gain was seen in intermediate goods, but growth weakened to a marginal pace amongst consumer goods producers.

According to Markit, overall new orders increased, reflecting stronger demand from both domestic and export markets. New export business rose at a noticeable rate that was the best recorded by the survey since February 2018.

“Euro zone manufacturing boomed in October, with output and order books growing at rates rarely exceeded over the past two decades. However, while the data bode well for production during the fourth quarter, the expansion is worryingly uneven,” Chris Williamson, chief business economist at IHS Markit, commented.

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