Eurozone growth slows, with France’s situation causing a significant drag

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智通财经2026/10/23 10:07

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① A survey shows that private sector growth in the Eurozone slowed in October to its weakest level in four months, dragged down by rising energy costs and renewed contraction in economic activity due to political and financial instability in France.
② The preliminary S&P Global Eurozone Composite PMI fell from 53.1 in September to 51.9 in October, marking the lowest since June and missing all prior survey forecasts. The market originally expected only a modest dip to 52.7.
③ An Oxford Economics expert noted that, after the Eurozone economy outperformed expectations in spring and summer, the October preliminary figure dampened optimism about how much confidence can still improve.
④ The expert pointed out that turmoil in France has severely dragged down the Eurozone’s overall performance, with government borrowing costs surging further as the fiscal situation worsens.
⑤ French business activity unexpectedly contracted in October, with surveyed companies attributing the sharp fall in goods and services demand to heightened political uncertainty and economic pressures.
⑥ Investors’ concerns over France's ability to restore its finances have driven the country’s government borrowing costs higher in recent weeks, while a wave of street protests has raised political tensions ahead of next year’s spring presidential election.
⑦ Private sector growth in Europe's largest economy, Germany, also weakened.
⑧ The UK PMI showed resilience, with business activity at its strongest since February, but official data indicated British consumers cut shopping last month as rising fuel prices eroded household budgets. A measure of consumer confidence posted the largest monthly decline since the early days of the pandemic.
⑨ Input costs in the Eurozone accelerated for the second consecutive month, related to energy, fuel and transport cost increases, partly stemming from the Middle East war. However, companies' price raises slowed compared to September, suggesting profit margins are being squeezed.
⑩ A Capital Economics expert said manufacturers continue to feel pressure from rising energy prices, but there is still little evidence of second-round effects, which will be reassuring for the European Central Bank.
⑪ The survey found Eurozone business confidence fell to a five-month low, with optimism in manufacturing declining the most. France appeared especially pessimistic due to financial stress and political turmoil, with its business confidence dropping to the lowest level since 2012, excluding the pandemic period.
⑫ The growth in new orders in the Eurozone was the slowest in the current four-month expansion streak, but new export orders increased for the third consecutive month, which is a positive signal after nearly four and a half years of monthly declines. Employment, however, was almost stagnant.

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Eurozone growth slows, with France’s situation causing a significant drag

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