Manufacturing Growth in Spain, Turkey, and France Shows Mixed Trends

Manufacturing PMI trends in Spain, Turkey, and France
Manufacturing growth

Spain’s Manufacturing Expansion Slows Amid Weather Disruptions

Spain’s manufacturing sector experienced slower growth in November 2024, with the HCOB Manufacturing PMI falling to 53.1 from 54.5 in October. This marks the 10th consecutive month of expansion, though severe flooding in Valencia impacted output and new orders. Despite the slowdown, exports surged, reaching their highest rate since September 2021, while inflationary pressures stabilized. Business confidence also hit its highest level since May, reflecting optimism in the industry.

Turkey’s Manufacturing Sector Shows Signs of Stabilization

Turkey’s manufacturing activity saw slower contraction, with the Türkiye PMI rising to 48.3 from 45.8 in October. While output decline was the smallest since April, new business orders remained weak, and export demand struggled to recover. However, job creation rose at its fastest pace since July 2023, signaling gradual stabilization in the sector. Turkey’s manufacturing performance contrasts with France, where conditions deteriorated significantly.

France’s Manufacturing Sector Faces Steep Decline

France’s manufacturing sector continued its downward trend, with the PMI dropping to 43.1, the lowest since January. This marks 22 consecutive months of contraction, driven by falling domestic and international demand. New orders declined sharply, particularly from Germany and the US, impacting key sectors like construction, automotive, and cosmetics. To manage losses, many companies cut inventory and purchasing activities, prioritizing cash flow protection.

Germany’s Manufacturing Struggles Amid Weak Demand

Germany’s manufacturing sector remained under pressure, with the PMI holding at 43.0, indicating continued contraction. While output decline slowed compared to October, new orders and employment continued to fall. Increasing competitive pressures led to lower output prices and input costs, while economic and political uncertainties weighed on business confidence. Despite a slight improvement in expectations, weak demand remains a major challenge for Germany’s industrial sector.

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