Euro zone manufacturing growth up in Dec from Nov amid rising new orders

Monday, 04 January 2021 15:39:33 (GMT+3)   |   Istanbul

Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) posted 55.2 points in December, up from November’s 53.8 points and decreasing compared to the earlier flash estimate of 55.5 points.

Although all three broad market groups recorded an improvement in operating conditions in December since November, rates of growth were noticeably different. Investment goods producers recorded the strongest improvement, followed by intermediate goods where marked growth was also registered. In contrast, only a marginal strengthening in operating conditions was seen amongst consumer goods producers.

According to Markit, the improvement was linked to a similar increase in new orders, which rose for the sixth month in a row. New export orders increased markedly and to a greater extent than in November.          

“Eurozone manufacturing ended 2020 on an encouragingly strong note, with production growth accelerating to one of the fastest seen over the past three years. The solid performance of manufacturing amid the tightening of Covid-19 restrictions in the closing months of 2020 represents a major contrast to the lockdowns earlier in the year, with factories acting as a crucial support to the economy as the service sector is hit by tough social distancing measures,” Chris Williamson, chief business economist at IHS Markit, commented.

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