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Financial News: Germany's Private Sector Growth Improves In April

Germany's Private Sector Growth Improves In April

04/23/2018 - 03:53:00 (RTTNews)

(RTTNews) - Germany's private sector grew solidly at the start of the second quarter, survey results from IHS Markit showed Monday.

The flash composite output index improved unexpectedly to 55.3 in April from 55.1 in March. The reading was forecast to fall to 54.8.

Likewise, the services Purchasing Managers' Index came in at 54.1, up from 53.9 in the previous month. The score was forecast to drop to 53.7.

Meanwhile, the manufacturing PMI fell to a 9-month low of 58.1 from 58.2 in March. The reading was above the forecast of 57.5.

Phil Smith, principal economist at IHS Markit said, "Growth of Germany's private sector steadied in April, to arrest the loss of momentum seen in February and March."

"With both manufacturing and services seeing slightly quicker increases in output, the data show the economy making a solid start to the second quarter," Smith added.

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