Nothing Can Harm Eurozone Growth (It Seems) - ING Research Analysis

Key Takeaways

• 1.Eurozone composite PMI climbed to a three-year high of 53.1 in September 2026, driven primarily by strength in the services sector.
• 2.Services led the expansion, notably with Germany rebounding from contraction (49.7) to 52.9, while French manufacturing weakened towards the 50-mark.
• 3.Renewed inflationary pressures via rising input costs and output prices make it harder for ECB doves to rule out further interest rate hikes.

Report data

A eurozone economy that remains completely unharmed by an energy price shock and supply chain disruptions is a welcome surprise

Reports in this series

Snap is shown in chronological order through this edition, published on September 23, 2026.

Part of the Snap series — view all 62 editions

Looking for the latest edition? ING Think german industrial production aug26 (Oct 7, 2026)

1. Sep 17ING Think bank of england floats a november rate hike if energy prices dont come down
2. Sep 20ING Think german state elections two states two extremes
3. Sep 21ING Think domestic price pressure benign in poland as households purchasing power comes under strain
4. Sep 22ING Think two speed consumption in poland durable goods strong essentials subdued