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Financial News: Germany Private Sector Growth Strongest In A Year

Germany Private Sector Growth Strongest In A Year

05/23/2024 - 04:45:00 (RTTNews)

(RTTNews) - Germany's private sector expanded at the fastest pace in a year in May, flash survey results from S&P Global showed on Thursday.

The flash HCOB composite output index rose more-than-expected to 52.2 in May from 50.6 in April. The expected score was 51.0.

A score above 50.0 indicates expansion in the private sector. Moreover, the latest reading was the highest since May 2023.

Growth continued to be driven by the service sector. Moreover, the drag from the manufacturing sector eased notably mid-way through the second quarter, the survey showed.

The services Purchasing Managers' Index registered an 11-month high of 53.9 compared to 53.2 in April and stayed above economists' forecast of 53.5.

At the same time, the manufacturing PMI advanced to 45.4 from 42.5 in the prior month. The reading was seen at 43.4.

"These numbers offer hope," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said.

"Our GDP Nowcast estimates a 0.3% GDP increase in the second quarter compared to the first quarter," Rubia added.

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