The eurozone manufacturing PMI rose to a 47-month high, while the UK, the Netherlands, France, Italy and Spain all recorded readings above the 50-point threshold that separates expansion from contraction. But beneath the stronger headline figures, manufacturers reported worsening delivery delays, higher transport and energy costs, fragile confidence and widespread front-loading of orders linked to the war in the Middle East.
The S&P Global Eurozone Manufacturing PMI rose from 51.6 in March to 52.2 in April, its highest level in close to four years. The output index also increased, reaching an eight-month high of 52.3. S&P Global said all eight euro area countries covered by the survey were above 50.0 for the first time since June 2022.
However, S&P Global’s commentary was far from celebratory. The survey found that production and order books were being supported by customers buying early to get ahead of expected price increases and possible supply disruption.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said the eurozone survey was “more a cause for alarm than celebration”, warning that stronger headline PMI figures could mask a growth pattern that may not persist.
Stockpiling drives demand
The clearest warning came from supply chains: Eurozone factories raised their buying volumes in April to the greatest extent since mid-2022, while bulk ordering, Middle East-related logistics disruption and reduced raw material availability pushed vendor delays to their worst level since July 2022.
The price shock also intensified. Input price inflation in the eurozone reached a 46-month high, while output charge inflation rose to a 39-month record. Since February, the eurozone input prices index has climbed by 19 points, according to S&P Global.
For transport markets, the pattern is important: more production and purchasing can lift freight activity in the short term, but when it is driven by defensive stockpiling rather than stable final demand, the order pipeline becomes harder to read.
Chart: April 2026 manufacturing PMI readings across selected European markets. Figures in brackets show the change from March. A reading above 50 indicates expansion; below 50 indicates contraction.
Table: April manufacturing PMI results and the main country-level signal
| Market | April PMI | Main signal |
|---|---|---|
| Netherlands | 54.4 | Strongest reading; stockpiling raises working-capital pressure |
| UK | 53.7 | Freight capacity, port and customs delays reported |
| France | 52.8 | Domestic-led rebound; firms absorbing costs |
| Eurozone | 52.2 | 47-month high, but driven partly by front-loaded orders |
| Italy | 52.1 | Output rises despite falling order books |
| Spain | 51.7 | Back in expansion, but exports still falling |
| Germany | 51.4 | Still expanding, but outlook turns negative |
| Poland | 48.8 | Inflation surge without demand recovery |
| Romania | 47.5 | Downturn softens, but confidence hits survey low |
Netherlands and UK show strongest expansion
The Netherlands posted the strongest reading in the country set, with the Nevi Netherlands Manufacturing PMI rising from 52.0 in March to 54.4 in April, its highest level since July 2022. Dutch manufacturers reported the fastest growth in new orders in almost two years, as customers front-loaded orders amid uncertainty over prices and supply chains.
However, the Dutch upturn also showed how expensive this kind of recovery can become. Supply-chain conditions deteriorated at the sharpest rate in nearly four years, while input costs rose sharply due to energy, fuel, transport and raw materials. ABN AMRO’s Albert Jan Swart said the combination of stockpiling, higher production and rising prices was likely to increase working-capital requirements for many companies.
The UK also recorded a strong headline result. The S&P Global UK Manufacturing PMI rose to 53.7, a 47-month high and its best level since May 2022. Output, new orders and employment all increased.
The UK survey was especially explicit on logistics. Manufacturers reported shortages of freight capacity, port disruption and customs delays, while average vendor performance deteriorated at the sharpest rate in almost four years. Rob Dobson, Director at S&P Global Market Intelligence, said restrictions on transit through the Strait of Hormuz were causing “substantial disruptions” to input deliveries.
Germany, France and Italy reveal the cracks
Germany continued to expand, but the outlook darkened. The S&P Global Germany Manufacturing PMI fell from 52.2 in March to 51.4 in April. Output and new orders continued to rise, but at slower rates.
For the first time in 18 months, more German manufacturers expected output to fall over the next year than expected it to rise. S&P Global’s Phil Smith said the growth seen in German manufacturing appeared to be “on borrowed time”, with front-loaded activity risking payback in the coming months.
France moved back into clearer expansion, with its PMI rising from 50.0 to 52.8, the highest level since May 2022. New orders and output grew at their fastest rates since the first half of 2022, but the rebound was driven by domestic demand, while new export orders fell. French manufacturers also absorbed part of the cost shock: around 53% reported higher input prices, but only around 20% raised their own charges.
Italy’s PMI rose to 52.1, its highest reading in four years, and production increased at the strongest rate in just over three years. Yet total order books fell at the start of the second quarter, suggesting that output was rising even as demand softened. Around 60% of Italian manufacturers reported higher costs, while only 25% raised their own charges, pointing to pressure on margins.
Spain returns to growth, but Poland and Romania lag
Spain returned to expansion, with its PMI rising from 48.7 to 51.7, the first improvement in operating conditions since last November. But new orders rose only marginally, export orders fell for an eighth consecutive month, and S&P Global said underlying demand remained fragile.
Poland and Romania remained below 50. Poland’s PMI was almost unchanged at 48.8, marking a twelfth consecutive monthly deterioration in business conditions. New orders fell for the thirteenth month running, while manufacturers built input stocks to protect against shortages. Trevor Balchin, Economics Director at S&P Global Market Intelligence, said Poland’s PMI price indices “rang alarm bells”, with input and output price inflation both at their highest levels since the first half of 2022.
Romania’s downturn softened, with the PMI rising from 46.6 to 47.5, but output and new orders continued to fall. Export orders improved slightly for the first time in seven months, while business confidence dropped to the lowest level in the survey’s almost three-year history.
