Germany’s Flash Purchasing Managers’ Index (PMI) Composite Output Index came in at 62.5 in July, rising by 2.4 points and reaching its highest level since January 1998, topping analysts’ expectations, IHS Markit stated in its preliminary report issued on Friday.
The Flash Services PMI Activity Index went up by 4.7 points to 62.2, which marks its best performance since June 1997, while the Flash Manufacturing PMI grew by 0.4 points to 65.6. On the other hand, the Flash Manufacturing Output Index declined by 2.2 points to 63.0.
“Germany’s private sector economy remains in the fast lane to recovery, according to July’s flash PMI survey. Buoyed by a resurgent service sector, the survey’s headline index is now at a record high and signals that the recovery still possesses strong momentum at the start of the third quarter,” IHS Associate Director Phil Smith stated.