Eurozone economic activity continued to expand at a solid pace in August, reaching its strongest level since November 2025 for a second consecutive month, according to the final monthly business survey by S&P Global and Hamburg Commercial Bank.
The latest data point to continued robust growth in the third quarter, with industrial activity strengthening and the services sector recovering from the initial impact of higher energy prices following the outbreak of the war in the Middle East.
The S&P Global Purchasing Managers' Index, which tracks activity in both manufacturing and services, stood at 52.0 in August, unchanged from July's eight-month high but slightly below the preliminary reading of 52.1. The index remained comfortably above the 50-point threshold separating expansion from contraction.
The manufacturing PMI rose to 52.7 in August from 51.9, reaching its highest level since May 2022. The services PMI, meanwhile, edged down to 51.6 from 51.7 but remained in expansion territory.
New orders continued to grow at the same pace as in July, while new export orders increased for the first time in four and a half years. Employment also rose for the first time this year, although outstanding business continued to decline, albeit at a slower rate. Business confidence was unchanged.
