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Financial News: Germany's Private Sector Expands In February

Germany's Private Sector Expands In February

02/19/2021 - 04:06:00 (RTTNews)

(RTTNews) - Germany's private sector expanded in February driven by the strong rebound in manufacturing despite increasing supply-side pressures, flash survey results from IHS Markit showed on Friday.

The composite output index rose to 51.3 in February from 50.8 in January. Economists had forecast the score to fall to 50.5.

February's flash PMI results point to ongoing resilience in the German economy midway through the opening quarter, despite the country remaining under strict lockdown measures, Phil Smith, an associate director at IHS Markit said.

While Covid-19 lockdown measures continued to weigh on activity across large parts of the services economy, factories reported strong and accelerated growth due in part to surging export orders.

The manufacturing Purchasing Managers' Index surged to a 36-month high of 60.6 in February from 57.1 in January. The score was above economists' forecast of 56.5.

Meanwhile, the services PMI fell to a 9-month low of 45.9 in February from 46.7 in the previous month. This was below the expected 46.5.

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