The final figure of euro zone manufacturing PMI for April showed an upward revision compared the first estimate. The headline figure was upwardly revised from 57.7 to 58.0, up from the March reading of 57.5 and the second-highest figure in almost 11 years. National data were a bit mixed as Italian (55.5 from 56.2) and Spanish (50.6 from 51.6) manufacturing PMI fell in April. In the two core EMU economies France and Germany, manufacturing PMI rose from both the March reading and from the first estimate. Also Greek manufacturing PMI improved from the month before (46.8 from 45.4), but remains in contraction. The output price index dropped from March’s survey high, but remains at elevated levels.
After a slight dip in March, euro zone manufacturing PMI is improving again led by the two core countries, Germany and France, but the recovery remains uneven as the Greek manufacturing sector is still contracting. The euro zone manufacturing sector continues to expand near record levels, which indicates that the euro zone economy took a strong start to the second quarter.