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Financial News: German Private Sector Growth Fastest Since 2011

German Private Sector Growth Fastest Since 2011

06/23/2021 - 04:10:00 (RTTNews)

(RTTNews) - Germany's private sector grew at the fastest pace in more than a decade in June with the further easing of COVID-19 restrictions, flash survey results from IHS Markit showed on Wednesday.

The flash composite output index climbed to a 123-month high of 60.4 from 56.2 in the previous month. A score above 50 suggests expansion in the sector.

The upturn reflected improved performances across both monitored sectors. In services, business activity rose at the quickest for more than ten years. The corresponding Purchasing Managers' Index came in at 58.1, up from 52.8 a month ago. The manufacturing PMI rose moderately to 64.9 in June from 64.4 in the prior month. Economists had forecast the index to fall more sharply to 63.0.

"With containment measures set to be lifted further in July, this strong momentum is on course to carry over to the third quarter," Phil Smith, an associate director at IHS Markit said.

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