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Financial News: Germany's Private Sector Expands Most In Nearly 3

Germany's Private Sector Expands Most In Nearly 3 Years

02/21/2017 - 03:55:00 (RTTNews)

(RTTNews) - Germany's private sector expanded at the fastest pace in nearly three years in February driven by manufacturing activity, flash data from IHS Markit showed Tuesday.

The composite output index rose to a 34-month high of 56.1 in February from 54.8 in January.

A reading above 50 indicates expansion. Output has risen continuously since May 2013.

The manufacturing Purchasing Managers' Index climbed unexpectedly to 57.0 from 56.4 in January. This was the highest reading in 69 months and above the expected score of 56.

At the same time, the services PMI advanced more-than-expected to 54.4 from 53.4 in January. The expected level was 53.6.

"The latest PMI adds to our expectations that economic growth will strengthen in the first quarter to around 0.6 percent q-o-q, marking a strong start to 2017," Trevor Balchin, a senior economist at IHS Markit, said.

"IHS Markit currently expects German GDP to rise 1.9 percent in calendar-adjusted terms this year, which would be the strongest growth since 2011," Balchin added.

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