Markit Economics released its preliminary manufacturing purchasing managers’ index (PMI) for Germany on Friday. Germany’s preliminary manufacturing PMI climbed to 51.9 in April from 50.7 in March, beating forecasts of a rise to 51.0.
The rise in the manufacturing PMI was driven by a stronger demand from foreign markets.
Germany’s preliminary services PMI was down to 54.6 in April from 55.1 in March. Analysts had expected index to increase to 55.2.
“The German private sector economy is continuing its unspectacular expansionary trend at the beginning of the second quarter. Although growth remained uninspiring and the headline PMI dropped to a 9-month low, the index was down only fractionally since March and is still indicative of modest growth,” Markit’s economist Oliver Kolodseike noted.
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