Improved demand for services pushed business across Germany to a six-month high in February, and while manufacturing lagged behind coronavirus outbreaks in the industry, it also showed signs of recovery.
Markit’s composite PMI rose to 56.6 points in February from 52.2 points a month earlier, the highest level since August.
As a result, the composite PMI also reached a six-month high of 56.2 points from 53.8 points in January.
On the other hand, the initial measurement for the manufacturing PMI fell to 58.5 from 59.8 points, lower than the estimates for 59.5 points.
The results showed the resilience of the German economy, whose recovery from the pandemic was hampered last year by supply shortages and fears that Omicron could lead to lockdowns.
“The German economy continued to recover in February after stagnating output growth in December,” said Phil Smith of IHS Markit.
He added that there are positive signs from the manufacturing sector.
Source: Capital
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