Euro Area May Flash PMIs: Germany Holds Up, France Disappoints

The May Flash PMIs show a deepening contraction in the Euro Area, driven by a sharp decline in France and persistent weakness in Germany, leading to negative Q2 GDP growth forecasts.

Key Takeaways

• 1.The Euro Area composite PMI fell for the third consecutive month to 47.5 in May, missing expectations and indicating continued contraction.
• 2.France's private sector suffered a severe contraction, with its composite PMI dropping to 43.5, far below consensus.
• 3.Natixis expects Euro Area and French GDP to contract by 0.3% Q/Q in Q2, as firms face rising input prices they cannot fully pass on.

Table of Contents

• EMEA MACRO SNAPSHOT
• Euro area May Flash PMIs: Germany holds up, France disappoints
• Germany
• France
• Head of CIB Research
• Head of Macro & Financial Institutions Research
• Head of Europe Macro research

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