German Private Sector Activity Rises To 30-month High In February

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Germany's private sector activity increased to a 30-month high in February, a flash report from the Markit Economics said on Friday.

The composite output index, which is a weighted average of the manufacturing and services PMIs, climbed to 55.4 in February from 54.6 in January. A reading above 50 indicates expansion, while one below 50 suggests contraction.

The Purchasing Managers Index or PMI for manufacturing stood at 57.1 in February, up from 53.7 in January. This was the highest reading in 32 months. Economists expected a reading of 53.8 for February.

Similarly, manufacturing output index increased to 60.8 in February from 58.1 in January. This was the biggest reading in 37-months.

However, the Services PMI dropped to a 3-month low of 51.7 in February from 52.2 in January. Economists expected a reading of 52.4.

Tim Moore, economist at Markit said, "February's flash PMI will help allay concerns that the German recovery has ground to a halt."

"However, the relative weakness of the services economy suggests a reliance on global manufacturing demand over domestic private consumption to drive the recovery." he added.

Germany's private sector activity increased to a 30-month high in February, a flash report from the Markit Economics said on Friday. (Market News Provided by RTTNews)