European Economy Shrinks

According to the statements recorded today, the manufacturing purchasing manager index for August in Germany was 49.8. In France, the manufacturing purchasing manager index for August remained at 49.

While risks in the European economy have increased due to energy problems and inflation, the PMI data showed that expectations of economic stagnation remain on the agenda. Surveys of purchasing managers indicated that expectations were predominantly in contraction territory. While the Euro area manufacturing purchasing index remained above expectations, the indices in Germany, the region's most important economy, were also in the contraction zone. In Germany, manufacturing purchasing manager index (PMI) for August was announced as 49.8. Expectations were for the index to be realized as 48.2. According to the data released today, the manufacturing indicator reached the highest level in Germany for two months. In July, the manufacturing purchasing manager index in Germany was recorded at 49.3. In France, the manufacturing purchasing managers index was realized as 49 this month, in line with expectations. The data in question indicates that the manufacturing indicator saw its lowest level in 24 months. The service purchasing managers index in France was recorded as 51 in August. In July, this index was recorded as 53.2 in France. The Eurozone manufacturing purchasing managers' index exceeded expectations and was recorded as 49.7 in August. On the other hand, the S&P Global composite purchasing managers index was recorded at 49.2 in August. The expectation was 49. The Eurozone service purchasing managers index remained below expectations and was recorded as 50.2.