Eurozone pmi shows continued decent growth outside of france

中文标题

欧元区PMI显示，法国以外地区继续温和增长

ING THINK10/23/2026updated 10/23/2026

Citable research brief

Core conclusion · Tlines extraction

The eurozone composite PMI fell from 53.1 to 51.9 in October, a level ING still associates with decent growth. France is the exception, its PMI dropping from 51.1 to 48.4 into contraction territory, a direction ING calls clearly negative. Input costs rose sharply again, driven mainly by energy and hitting manufacturing hardest, while selling prices were more muted. ING expects the ECB to hold rates at next week's meeting.

Institution: ING THINK
Published: 10/23/2026
Research topic: Not explicitly stated
Time horizon: Not explicitly stated

Key arguments

Composite PMI at 51.9 still signals decent eurozone growth despite the drop from 53.1.
Growth weakness is concentrated in France, where the PMI fell to a contractionary 48.4.
Renewed energy-driven input cost increases are feeding businesses' cost base, with manufacturing most affected.
Resilient growth indicators keep some hawkish pressure on the ECB, but French weakness highlights its policy conundrum; ING expects a hold.

Key numbers

Eurozone composite PMI (October): 51.9 (prior 53.1)
France PMI (October): 48.4 (prior 51.1)

Main risks

French PMI reading should not necessarily be taken at face value, though its direction is negative.
Energy-driven input costs could keep pressure on businesses and prices.
Growth concerns spreading beyond France would weaken the eurozone outlook.

Corresponding source evidence

France is the notable exception though, where the PMI dropped from 51.1 to 48.4, a level associated with contraction.

Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.

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