Markit's Eurozone Manufacturing Purchasing Managers Index (PMI) was at 46.1 points in December, down slightly from November's 46.2 points and below the earlier flash estimate of 46.3. The Markit Final Eurozone Manufacturing PMI was below the neutral 50 points for the 17th successive month.
Contractions were signalled for almost all of the nations covered by the survey, Ireland being the sole exception. Downturns accelerated in Germany, Spain, Austria and Greece, but eased in France, Italy and the Netherlands. Greece, nonetheless, remained bottom of the PMI league table, while the next-weakest performing nations were France and Spain.
Manufacturing output in the euro area contracted for the 10th successive month in December, although over the fourth quarter of 2012 as a whole, the average rates of decline in both output and new orders were the slowest since the opening quarter of the year.
Chris Williamson, chief economist at Markit, said, "The eurozone manufacturing sector remained entrenched in a steep downturn at the end of the year. Although not as severe as in the autumn, the survey indicates that production continued to fall at a quarterly rate of approximately one percent in December. Manufacturers look to be in for another tough year in 2013, though prospects have brightened a little, as producers should benefit from signs of stronger demand in key export markets such as the US and China."
