Eurozone manufacturing PMI up to 39.4 in May

By Gokhan Ergocun

ISTANBUL (AA) – The eurozone manufacturing sector’s Purchasing Manager Index (PMI) posted an increase in May with the waning impacts of COVID-19, according to a flash estimate unveiled on Monday.

The PMI, which dropped to 33.4 in April, rose to 39.4 this month, a report by London-based global data firm IHS Markit said.

Despite the improvement in the PMI, "eurozone manufacturing sector continues to contract sharply," it noted.

"There was a noticeable easing in the recent downturn in the euro area manufacturing sector during May, as evidenced by a six-point rise in the PMI to a two month high," it stated.

"Despite being generally looser across the region compared to April, government restrictions designed to limit the spread of the global coronavirus disease (COVID-19) continued to severely hamper the sector."

Chris Williamson, a chief business economist at IHS Markit, said with the lifting of pandemic restrictions in the coming months, manufacturing sector will boost.

After originating in China last December, COVID-19, the disease caused by the novel coronavirus, has spread to at least 188 countries and regions. The US, Brazil, Russia and some European countries are currently atop the worst-hit list.

The pandemic has killed nearly 372,500 people worldwide, with some 6.18 million confirmed cases, while recoveries have surpassed 2.65 million, according to figures compiled by the US-based Johns Hopkins University.