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Valencia Flooding Impacts Spain’s Manufacturing Growth in November

News RoomBy News RoomDecember 2, 2024
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In November, Spain’s manufacturing sector exhibited growth despite a noticeable slowdown due to flooding in the eastern region of Valencia. The HCOB manufacturing Purchasing Managers’ Index (PMI) recorded a value of 53.1, down from 54.5 in October, and below market expectations of 53.5. While this marked a decline, it still reflected growth for the 10th consecutive month, in contrast to many other European nations. In addition, new export orders rose significantly, reaching their highest levels since September 2021, indicating improving international sales. Despite reduced output and new orders primarily linked to the flooding, purchasing and employment activities increased, albeit at a slower pace. Inflationary pressures appeared to be more manageable, resulting in increased confidence in the Spanish manufacturing outlook, the highest recorded since May.

Meanwhile, Turkey’s manufacturing sector showed signs of recovery, with the Istanbul Chamber of Industry’s PMI for November rising to 48.3 from 45.8 in October. This marked the eighth consecutive month of economic contraction in Turkey, as indicated by the PMI remaining below 50. However, the recent increase suggested that the decline was slowing, which could indicate that manufacturing demand may be starting to stabilize. Notably, job creation also accelerated, marking the fastest increase since July of the previous year. Despite heightened employment activity, companies continued to face challenges in securing new business, particularly in the context of a still-contractionary environment.

France’s manufacturing sector suffered its most significant decline in November, with the final reading of the HCOB manufacturing PMI dropping to 43.1 from October’s 44.5. This figure fell short of market expectations and represented the steepest decline since January, marking 22 consecutive months of economic contraction. A noteworthy factor contributing to this downturn was a steep decline in new orders, which fell at the fastest rate since May 2020 due to weakened international and domestic demand. Particularly slow demand from key markets like Germany and the U.S. further exacerbated the situation, resulting in reduced inventory levels and purchasing activities as companies tightened cash flow management. Sectors such as construction, automotive, and cosmetics were severely impacted, leading to continued job losses.

In Germany, the manufacturing sector portrayed a steady but contractionary atmosphere, with the HCOB manufacturing PMI holding steady at 43.0 for November, consistent with October’s performance yet slightly below expected numbers. The persistent contraction indicated declining new orders and output, albeit at a reduced rate compared to the previous month. Job losses accelerated, with decreased stock holdings and purchasing activities, suggesting a cautious approach by manufacturers facing ongoing competitive pressures and weak demand. Despite the struggle with falling output prices and input costs, business expectations showed a slight improvement, marking a second consecutive month of increased optimism, even as economic and political uncertainties lingered.

Overall, the contrasting outcomes across Spain, Turkey, France, and Germany highlight the diverse landscape of manufacturing performance within Europe. Spain stood out with sustained growth, albeit hindered by natural events, while Turkish manufacturing indicated potential recovery signs despite continued economic contraction. In stark contrast, France faced an alarming downturn, while Germany’s steady contraction reflected broader challenges. The interplay of international demand, domestic conditions, and external factors such as environmental challenges and market sentiment played crucial roles in shaping the manufacturing narrative during this period.

The perspectives gained from these reports underscore the intricate dynamics affecting the manufacturing realm. While Spain’s growth offers a glimmer of hope, Turkey’s gradual recovery hints at resilience amidst adversity. Conversely, the steep declines in France present a more challenging picture, while Germany continues to grapple with underlying weaknesses despite modestly improved business expectations. As manufacturers navigate these complex scenarios, understanding these broad trends becomes vital for firms planning their strategies in the context of shifting economic realities. Ultimately, the future trajectory of these manufacturing sectors will be closely monitored as they respond to global demand fluctuations, market conditions, and local challenges ahead.

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