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Financial News: German Private Sector Growth Accelerates In May

German Private Sector Growth Accelerates In May

05/23/2017 - 04:10:00 (RTTNews)

(RTTNews) - Germany's private sector expanded at the sharpest rate in over six years in May, flash survey results from IHS Markit showed Tuesday.

The composite output index rose unexpectedly to a 73-month high of 57.3 in May from 56.7 in April. The expected reading was 56.6.

A score above 50 indicates expansion in the sector. Output has risen continuously since May 2013, the second-longest sequence of growth since the series started in January 1998.

The flash manufacturing Purchasing Managers' Index climbed to 59.4 from 58.2 in April, while it was forecast to drop to 58.0. The indicator signaled the strongest performance since April 2011.

On the other hand, the services PMI fell to 55.2 in May from 55.4 in April. Economists had forecast the indicator to rise marginally to 55.5.

PMI data for the first two months of the second quarter are signaling continued positive momentum, Trevor Balchin, a senior economist at IHS Markit said.

"This supports IHS Markit's view of growth in the coming quarters remaining strong at around 0.6 percent on average, and our full-year forecast for 2017 has been raised to 2.0 percent in calendar-adjusted terms," the economist said.

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