The Eurozone Manufacturing PMI worsened further in March, S&P Global and Hamburg Commercial Bank (HCOB) shared in a report released on Tuesday. The figure stood at 46.1, down from last month's 46.5, hitting a 3-month low.
"It's a bit disheartening: over the last eight months, the manufacturing industry has been gradually climbing the Output PMI ladder, but it still finds itself on the basement staircase. However, progress to the next floor has yet to materialise, largely owing to the underperformance of the German and French industries. Given this, it comes as no surprise that our GDP nowcast model, incorporating PMI data, predicts a continuation of the recession in the manufacturing sector of the eurozone," HCOB Chief Economist Cyrus de la Rubia noted.
The deceleration in the manufacturing sector was driven by Germany's performance, which reached a 5-month low. Meanwhile, Greek manufacturing activity hit a 25-month high in March.
