BERLIN, Sept 23 (Reuters) – The contraction in economic activity in Germany deepened in September amid soaring energy prices and falling new orders, preliminary results from the monthly survey show from S&P Global to private sector purchasing managers.
The composite PMI index, bringing together the manufacturing industry and the services sector and which represents more than two-thirds of the German economy, fell to 45.9 in the first estimate after 46.9 in August. The consensus of analysts polled by Reuters put it at 46.0.
This is the third month in a row where this figure is below the 50 mark delimiting growth and contraction in activity. If confirmed, the composite PMI index will also have recorded this month its lowest level since May 2020.
The “flash” manufacturing PMI fell to 48.3 after 49.1 in August. The consensus was set at 48.3.
That of services fell to 45.4 against 47.7 in August and a consensus of 47.2.
“The German economy looks set to contract in the third quarter, and with the PMI showing a deeper slowdown in September and deteriorating leading indicators, the outlook for the fourth quarter isn’t good either.” , commented Paul Smith, associate economic director of S&P Global Market Intelligence. (Report Paul Carrel; French version Claude Chendjou, edited by Kate Entringer)
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