Euro Area services growth ticks higher, but still muted

2025-10-03 16:04

The HCOB Eurozone Services PMI Business Activity Index increased from 50.5 in August to 51.3 in September, signalling faster growth during the closing month of the third quarter.
The seasonally adjusted HCOB Eurozone Composite PMI increased for the fourth month in a row to 51.2 in September, from 51.0 previously, signalling a further gradual acceleration in output growth across the eurozone private sector. Additionally, the headline measure rose to its highest level since May 2024.
"Things are running a little bit more smoothly in the service sector. After almost stagnating in August, business activity picked up more strongly in September. This recovery is practically broad-based geographically, with moderately robust growth observed in Germany, Italy, and Spain. The situation is different in France, where the change of government and uncertainty about whether the new prime minister will be able to hold on to power has had a negative impact on service providers. Business activity declined noticeably here," said Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.
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