German business activity growth hits four-month high in February, PMI shows
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The skyline of the banking district is seen during sunset in Frankfurt, Germany, April 21, 2024. REUTERS/Kai Pfaffenbach
By Maria Martinez
BERLIN, Feb 20 (Reuters) - Germany's private sector saw business activity growth accelerate to a four-month high in February, driven by improved performance in services and the first manufacturing expansion in over three-and-a-half years, a survey showed on Friday.
The HCOB Flash Germany Composite Purchasing Managers' Index compiled by S&P Global rose to 53.1 in February from 52.1 in January, indicating growth in activity as readings above 50 denote expansion.
Analysts polled by Reuters had forecast a reading of 52.3.
Growth continued to be led by the service sector, where the rate of growth of business activity quickened to a four-month high, with the index rising to 53.4 from 52.4 in the previous month. That was above the forecast of 52.3 of analysts polled by Reuters.
The manufacturing PMI, meanwhile, breached the 50.0 threshold for the first time since June 2022, registering 50.7 from 49.1 in January, and beating the Reuters forecast of 49.5.
"This confirms the tentative signs of an economic turnaround that were particularly evident in January," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank AG.
German industrial orders rose unexpectedly in December, posting their biggest increase in two years.
"(Gross domestic product) in Germany is likely to have grown visibly in the first quarter, unless there is a major slump in March, for which there is no indication in the data," de la Rubia said.
Despite the positive growth, job losses continued, albeit at a slower pace, with factories reducing employment at the second-softest rate in nearly two-and-a-half years.
(Reporting by Maria Martinez; Editing by Joe Bavier)
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