Germany PMI Services was finalized at 52.8 in May, up from April’s 49.9. PMI Composite rose to 56.2, up from April’s 55.8.
Phil Smith, Economics Associate Director at IHS Markit said: “Germany’s service sector started to revive in May, buoyed by the partial easing of lockdown measures and a surge in new business as progress in the vaccine rollout helped spur confidence and demand…
“The other standout feature of the survey remains the growing cost pressures in the service sector, which have now reached the highest since mid-2008…. When factoring in that many services businesses have been mostly absorbing higher costs up to now and are facing up to the prospect of a rapid release of pent up demand, there is scope for services prices to rise further in the coming months.”
