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Global Outlook

Eurozone economic activity returns to expansion: fragile recovery and policy dilemma under the shadow of energy

Eurozone July composite PMI recorded 51.9, returning to expansion territory, with manufacturing growth the strongest since early 2022. Germany expanded for the first time in four months, while France remained in contraction. Employment increased for the first time this year, but business confidence remained below the long-term average. Energy prices and shipping disruptions pose major downside risks, and the ECB will face a trade-off between inflation and growth.

Wei Chen07/27/2026, 11:404 min readSource notes included
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