European Investor
05 Oct 2026, 09:31
Eurozone Services Activity Strengthens in September, Led by Spain
Eurozone services activity improved in September, with the HCOB Services PMI rising to 53.0 from 51.6, matching expectations and signaling a firmer pace of expansion across the region.
Spain remained the standout performer. Its services PMI climbed to 58.3 from 57.8, beating the 57.1 consensus and pointing to strong growth in the sector.
Germany’s services PMI improved sharply to 52.9 from 49.7, moving back into expansion and matching expectations. France also returned to growth, with its services PMI rising to 51.2 from 48.0, although the reading came in slightly below the 51.4 forecast.
Italy was the main weak spot. Its services PMI fell to 51.7 from 55.2, well below expectations of 54.6, though it still remained above the 50 threshold.
The Eurozone Composite PMI increased to 53.1 from 52.0, confirming broader improvement in overall business activity. Taken together, the data point to stronger regional momentum heading into the fourth quarter, with Spain and Germany providing the clearest support.
Eurozone services activity improved in September, with the HCOB Services PMI rising to 53.0 from 51.6, matching expectations and signaling a firmer pace of expansion across the region.
Spain remained the standout performer. Its services PMI climbed to 58.3 from 57.8, beating the 57.1 consensus and pointing to strong growth in the sector.
Germany’s services PMI improved sharply to 52.9 from 49.7, moving back into expansion and matching expectations. France also returned to growth, with its services PMI rising to 51.2 from 48.0, although the reading came in slightly below the 51.4 forecast.
Italy was the main weak spot. Its services PMI fell to 51.7 from 55.2, well below expectations of 54.6, though it still remained above the 50 threshold.
The Eurozone Composite PMI increased to 53.1 from 52.0, confirming broader improvement in overall business activity. Taken together, the data point to stronger regional momentum heading into the fourth quarter, with Spain and Germany providing the clearest support.
