In March, the Eurozone manufacturing PMI had its best reading in 11 months, despite a decline in overall industry production. The drop in manufacturing demand was partially offset by a lighter load on international markets. However, the euro zone industrial production index (PMI) fell, hitting its worst figure in three months.

The decline is attributed to contractions in the economies of Germany and France, the continent’s two largest economies. Despite this overall decline, there were slight improvements in other countries such as Greece, Spain and Italy. Spanish industry is struggling with a 1.6 percent decline in turnover in manufacturing activity. This decline was attributed to economic cooling, rising raw material costs and geopolitical uncertainty. Entrepreneurs are looking for investments in digitization and green transition to overcome stagnation in the sector.

According to a report by S&P Global and Hamburg Commercial Bank (HCOB), European industry is facing challenges as the euro zone industrial production index (PMI) fell in March, hitting its worst figure in three months. The decline is attributed to contractions in the economies of Germany and France, the continent’s two largest economies. Despite these challenges, there is optimism for recovery and growth through strategic investment and innovation.

By Samantha Johnson

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