BERLIN, April 21 (Reuters) – Germany’s private sector activity recorded its third consecutive month of growth in April, preliminary survey results from S&P Global showed on Friday, as a recovery in services more than offset a decline in the manufacturing industry.
The composite “flash” PMI index, which includes the manufacturing industry and services sectors, reached its highest level in a year at 53.9 after 52.6 in March. Economists and analysts polled by Reuters expected it to average 52.7.
The services PMI rose to 55.7 thanks to demand after 53.7, while the consensus gave it down to 53.3.
“In this sector, the ability of companies to pass on higher prices has weakened slightly, as they continue to face sharp increases in the cost of inputs,” said Cyrus de la Rubia, chief economist at the Hamburg Commercial Bank.
The “flash” PMI for the manufacturing sector fell to 44.0 after 44.7 last month, against 45.7 expected. It is contracting for the tenth month in a row. (Maria Martinez, French version Laetitia Volga, edited by Blandine Hénault)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.