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Euro area private sector growth weakened in April as soft demand conditions limited the speed of expansion and weighed on sentiment, final results of the purchasing managers' survey by S&P Global showed on Tuesday.
The HCOB final composite output index fell to 50.4 in April from 50.9 in March, but the reading suggested growth for the fourth straight month. However, the score remained close to the neutral mark of 50, signalling weak growth. The upturn was entirely driven by the manufacturing sector, where output grew at its fastest rate since March 2022. Meanwhile, there was a near-stagnation of activity in the services industry.
Among major economies, France remained the outlier, registering a contraction for the eighth month.
Italy posted the fastest growth in nearly a year, but trailed Spain's upturn, despite growth there easing to a 15-month low. Germany's private sector moved closer to stagnation.
Germany's composite PMI eased to 50.1 in April from 51.3 in March but above the flash score of 49.7. This followed growth in each of the last three months of the year. A fall in services activity counteracted a faster growth in manufacturing output.
Services activity shrank for the first time since November last year. The services PMI fell to 49.0 from 50.9 in March. The flash reading was 48.8. France's private sector posted its eighth straight monthly decline in April. The final composite indicator came in at 47.8 compared to 48.0 in March. The flash reading was 47.3.
The service sector drove the downturn as manufacturing production rose for the first time in nearly three years. The services PMI slid to 47.3 from 47.9 in the previous month. The initial score was 46.8.
Italy's private sector grew the most in eleven months in April. The composite output index climbed to 52.1 from 50.5 in the previous month.
Services activity grew at a faster pace, while the downturn in manufacturing neared stabilization. The services PMI rose unexpectedly to 52.9 from 52.0 a month ago. The score was forecast to ease to 51.3.
Private sector activity in Spain continued to expand but growth retained its downward trend as service sector grew at a slower pace and manufacturing output fell for the first time since last August. The composite index recorded 52.5 in April, down from 54.0 in March. The services PMI declined to 53.4 from 54.7 a month ago.
Germany is expected to soon outpace Italy thanks to a generous fiscal package, while France is likely to remain at the bottom for now due to its uncertain political climate, Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.
The PMI survey revealed that a sustained period of weak demand has restricted economic growth in the euro area. Both manufacturers and service providers noted weaker sales in April partly due to lower demand for exports.
Private sector employment increased again in April. However, workforce expansions were seen in the service sector only as manufacturing jobs were cut for a twenty-third month in a row.
Year-ahead expectations for activity in the private sector were their weakest in 18 months, reflecting lower levels of positive sentiment at both manufacturers and service providers.
Turning to prices, the PMI survey showed that input cost pressures eased to their weakest in five months, while output charges logged its slowest increase in 2025 so far.
