Germany PMI Manufacturing surged to 60.6, up from 57.1, well above expectation of 56.5. That’s also the highest level in 36 months. PMI services, dropped to 45.9, down from 46.7, slightly below expectation of 46.5. PMI Composite rose to 51.3, up from 50.8, a 2-month high.
Phil Smith, Associate Director at IHS Markit said: “February’s flash PMI results point to ongoing resilience in the German economy midway through the opening quarter, despite the country remaining under strict lockdown measures. Ongoing weakness in services, where large parts of the sector remain either closed or disrupted by virus containment measures, continues to be counterbalanced by strong, export-driven growth across manufacturing.
“It was encouraging to see manufacturing regain momentum in February after a slight setback in growth at the start of the year. Furthermore, the strong performance comes amid a backdrop of increasing supply-side pressures, with February’s survey showing record reports of delivery delays and sharply rising input prices. Manufacturers seem to be weathering the storm so far, but there is the potential for some near-term disruption should the situation worsen and firms find themselves short of raw materials and components.”
