Euro area PMIs rise despite the escalation in the Middle East
The composite Purchasing Managers' Index (PMI) for the euro area rose from 52.0 to 53.1 in September, significantly exceeding expectations.
Dr. Vincent Stamer
Commerzbank Economic Research
09/23/2026
The sentiment indicator has thus not only defied the renewed escalation in the Middle East but has even risen into a range where the economy has historically experienced above-average growth. The services sector, in particular, drove this increase. Sentiment in the manufacturing sector remained at a high level.
Business sentiment in the euro area remains resilient despite the renewed escalation in the Middle East and the resulting rise in energy prices. The composite PMI for the euro area rose significantly in September to 53.1 points from 52.0 points the previous month. Economists surveyed beforehand had expected a slight decline. The PMI is thus in a range where the eurozone economy has historically grown at an above-average rate – that is, by at least 0.4% compared with the previous quarter.
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