Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, commented on the Eurozone PMI data, noting that Spain handled the global manufacturing downturn surprisingly well. However, its performance is not strong enough to uplift other Eurozone countries.
Using their prediction model, the bank estimates that Eurozone industrial production might decline by approximately 1% in Q3 compared to the previous quarter. With new orders sharply falling, a further drop in production is expected by the end of the year.
