Germany’s private sector expanded faster in April, recovering from a slight slowdown in growth in March, as both manufacturing and services industry activity rose more than expected, surveys showed on Wednesday.
Markit’s preliminary composite Purchasing Managers’ Index (PMI), which tracks activity in the manufacturing and services sectors and covers more than two-thirds of the euro zone’s largest economy, rose to 56.3 in April from March’s final 54.3.
April’s reading, the 12th straight month above the 50 mark denoting growth, was only one tick below February’s 56.4 – the highest figure in more than 2-1/2 years.
“This is a nice bounce back with good broadbased growth in the services and manufacturing sector… It is looking like it will be a good year for Germany,” Markit economist Chris Williamson said.
