Contraction in eurozone productivity eases during March

In March 2021, he overall rate of contraction softened and was only slight, supported by a stronger expansion at goods producers and a slower reduction at services companies.



Private sector productivity continued to decrease in France and Italy, while growth was sustained in Germany. Rising from 48.5 in February to 49.3 in March, the seasonally adjusted Eurozone Productivity Purchasing Managers Index (PMI) – compiled from IHS Markit’s national manufacturing and services PMI survey data – highlighted the weakest deterioration in workforce efficiency in the current five-month sequence of reduction.


Key findings


  • Aggregate productivity declines slightly
  • Workforce efficiency improves at manufacturers and deteriorates at services firms
  • Private sector productivity continues to fall in France and Italy, expands in Germany



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