Manufacturing PMI – Europe | March 2026
- Eurozone: 51.6 (forecast: 51.4; previous: 51.4)
- Germany: 52.2 (forecast: 51.7; previous: 51.7)
- Italy: 51.3 (forecast: 50.9; previous: 50.6)
- France: 50.0 (forecast: 50.2; previous: 50.2)
- Switzerland: 53.3 (forecast: 47.0; previous: 47.4)
- Spain: 48.7 (forecast: 50.4; previous: 50.0)
- Sweden: 56.3 (previous: 56.1)
- Poland: 48.7 (forecast: 47.2; previous: 47.1)
March PMI data for European manufacturing delivered broadly positive surprises, although the overall picture remains mixed. The eurozone as a whole recorded a reading of 51.6, above both expectations and the previous month, signaling continued expansion in the manufacturing sector. The standout surprise was Switzerland, with a reading of 53.3 versus expectations of just 47.0—one of the largest positive deviations from consensus on record. Germany is reinforcing its role as the engine of European industry, posting 52.2 and clearly beating forecasts, suggesting the region’s largest economy is emerging from a prolonged period of weakness.
On the downside, Spain disappointed by falling below the 50 threshold (48.7 vs. 50.4 expected), indicating a contraction in manufacturing activity after a month of growth. Poland saw a modest improvement to 48.7, outperforming expectations (47.2), but remains in contraction territory—marking yet another month below the 50 level. Overall, the data carries a moderately positive tone for the euro, although the clear divergence between core economies and the periphery may complicate a unified assessment of the eurozone’s condition by the ECB.
Source: xStation
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