The S&P Global Eurozone Manufacturing PMI rose to 51.6 in March 2026, exceeding both the preliminary estimate of 51.4 and February’s reading of 50.8. This signaled the strongest expansion in the sector since June 2022, despite significant supply-side disruptions as the war in the Middle East unsettled global logistics markets.
Output growth accelerated to a seven-month high, and new orders matched February’s 46‑month peak, although the rate of increase remained modest. New export orders stabilized, bringing an end to an eight-month sequence of declines, while backlogs of work increased for the first time since mid‑2022—an early indication of emerging capacity pressures. Employment, however, continued to fall.
On the pricing front, input cost inflation climbed to its highest level since October 2022, and factory gate prices rose at the fastest pace in more than three years. At the same time, business confidence weakened in March, weighed down by persistent tensions in the Middle East.
