Eurozone manufacturing PMI up to 39.4 in May
With lifting of pandemic restrictions in coming months, manufacturing sector will boost, IHS markit economist says
The eurozone manufacturing sector’s Purchasing Manager Index (PMI) posted an increase in May with the waning impacts of COVID-19, according to a flash estimate unveiled on Monday.
The PMI, which dropped to 33.4 in April, rose to 39.4 this month, a report by London-based global data firm IHS Markit said.
Despite the improvement in the PMI, "eurozone manufacturing sector continues to contract sharply," it noted.
"There was a noticeable easing in the recent downturn in the euro area manufacturing sector during May, as evidenced by a six-point rise in the PMI to a two month high," it stated.
"Despite being generally looser across the region compared to April, government restrictions designed to limit the spread of the global coronavirus disease (COVID-19) continued to severely hamper the sector."
Chris Williamson, a chief business economist at IHS Markit, said with the lifting of pandemic restrictions in the coming months, manufacturing sector will boost.
After originating in China last December, COVID-19, the disease caused by the novel coronavirus, has spread to at least 188 countries and regions. The US, Brazil, Russia and some European countries are currently atop the worst-hit list.
The pandemic has killed nearly 372,500 people worldwide, with some 6.18 million confirmed cases, while recoveries have surpassed 2.65 million, according to figures compiled by the US-based Johns Hopkins University.Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.