The HCOB Eurozone Services PMI increased to 53.3 in April, marking the strongest growth in nearly a year, surpassing the initial estimate of 52.9 and up from 51.5 in March. Increased demand was a primary factor in the higher output, with new business volumes expanding at the fastest rate since May of the previous year. This surge in sales resulted in an uptick in backlogs of work for the first time in ten months, however, the accumulation was only marginal. With rising new business and capacity constraints, employment grew at an accelerated pace, reaching levels not seen since mid-2023. Although business confidence dipped slightly from its recent peak, it remained strong overall and aligned with historical averages. Price pressures in the eurozone services sector increased mildly, with input costs rising slightly from an eight-month low in March. Output charges also saw a modest uptick. source: S&P Global

Services PMI In the Euro Area increased to 53.30 points in April from 51.50 points in March of 2024. Services PMI in Euro Area averaged 51.51 points from 2007 until 2024, reaching an all time high of 59.80 points in July of 2021 and a record low of 12.00 points in April of 2020. This page provides the latest reported value for - Euro Area Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.

Services PMI In the Euro Area increased to 53.30 points in April from 51.50 points in March of 2024. Services PMI in Euro Area is expected to be 52.70 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area Services PMI is projected to trend around 52.90 points in 2025, according to our econometric models.



Related Last Previous Unit Reference
Bankruptcies 2.70 -10.90 percent Dec 2023
Business Confidence -0.53 -0.32 points Apr 2024
Capacity Utilization 79.20 79.60 percent Mar 2024
Car Registrations 778668.23 771857.27 Units Feb 2024
Changes in Inventories 36.23 7.28 EUR Billion Dec 2023
HCOB Composite PMI 51.70 50.30 points Apr 2024
Industrial Production YoY -6.40 -6.60 percent Feb 2024
Industrial Production MoM 0.80 -3.00 percent Feb 2024
Industrial Sentiment -10.50 -8.90 points Apr 2024
HCOB Manufacturing PMI 45.70 46.10 points Apr 2024
Manufacturing Production -6.50 -7.50 percent Feb 2024
Mining Production -7.40 -11.20 percent Feb 2024
HCOB Services PMI 53.30 51.50 points Apr 2024
Services Sentiment 6.00 6.40 points Apr 2024
ZEW Economic Sentiment Index 43.90 33.50 points Apr 2024

Euro Area Services PMI
The HCOB Eurozone Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of service providers in Germany, France, Italy, Spain and Ireland. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
53.30 51.50 59.80 12.00 2007 - 2024 points Monthly
SA


News Stream
Euro Area Services PMI Revised Higher to 11-Month High
The HCOB Eurozone Services PMI increased to 53.3 in April, marking the strongest growth in nearly a year, surpassing the initial estimate of 52.9 and up from 51.5 in March. Increased demand was a primary factor in the higher output, with new business volumes expanding at the fastest rate since May of the previous year. This surge in sales resulted in an uptick in backlogs of work for the first time in ten months, however, the accumulation was only marginal. With rising new business and capacity constraints, employment grew at an accelerated pace, reaching levels not seen since mid-2023. Although business confidence dipped slightly from its recent peak, it remained strong overall and aligned with historical averages. Price pressures in the eurozone services sector increased mildly, with input costs rising slightly from an eight-month low in March. Output charges also saw a modest uptick.
2024-05-06
Euro Area Services PMI Highest in 11 Months
The HCOB Eurozone Services PMI reached 52.9 in April 2024, marking an eleven-month high compared to March's 51.5, according to flash estimates. New orders saw their fastest growth since May last year, increasing for the second consecutive month, while the rate of employment growth hit a ten-month high. Despite a slight uptick, service sector cost inflation remained below early-year highs, driven by higher wage rates, energy, and fuel costs. Service providers raised prices at an accelerated pace. However, business expectations for the next 12 months indicated a decline in service sector confidence to a three-month low.
2024-04-23
Euro Area Service Activity Accelerates in March
The HCOB Eurozone Services PMI rose to 51.5 in March of 2024 from 50.2 in the previous month, revised higher from the preliminary estimate of 51.1 to extend February’s slight rebound with greater traction following six consecutive months of declines in the sector. Sales for service providers expanded for the first time in nine months, with surveyees noting that the improvement in new orders was confined to domestic markets instead of export markets. The higher demand for capacity drove firms to increase their headcounts for the eighth consecutive month, at a slower pace than that observed in February, but ahead of the long-term average. On the price front, input cost inflation slowed to an eight-month low, while output charges eased to the softest since November. Looking ahead, business activity outlooks improved for a fourth consecutive month.
2024-04-04