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Germany’s composite PMI rose significantly month on month in March

Berlin, March 24 (Xinhua/Zhu Sheng) Germany’s composite purchasing managers’ index (PMI) rose to 56.8 in March from 51.1 last month, the highest in nearly 37 months, helped by improvements in the manufacturing and services sectors, market research firm Eshinhuamai said in its monthly survey on Thursday.

The German services PMI rose to 50.8 in March from 45.7 in the final month, the highest reading in nearly seven months. The manufacturing PMI rose to 66.6 from 60.7 at the end of the month, the highest reading since April 1996.

Phil Smith, chief economist at Egenomics, said the PMI figures showed a clear pick-up in German business activity in March. However, restrictions imposed to contain the new outbreak make the near-term business outlook less promising.

German federal and state governments recently announced after a new round of consultations on the response measures to the epidemic, will expire on March 28 to April 18, the epidemic prevention measures.

The German composite PMI fell to a record low of 17.1 in April 2020 as the outbreak impacted socio-economic activity. Germany’s composite PMI is a measure of the country’s combined manufacturing and services output. A reading above 50 indicates an expansion in the sector, while a reading above 50 indicates a contraction.

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