German services PMI reaches 18-month low in August - Breaking The News

German services PMI reaches 18-month low in August

23 August

1 min read

EPA-EFE/PHILIPP GUELLAND

Flash Germany Services Purchasing Manager's Index (PMI) stood at 48.2 in August this year, representing an 18-month low, the latest S&P Global and BME report revealed on Tuesday.

The country's Flash Manufacturing PMI stood at 49.8, marking an increase compared to the previous month when this parameter stood at 49.3. The Flash Manufacturing Output Index went up to 46.4, reaching a two-month high. The figure shows that Germany is noting ''a continued (albeit slightly slower) reduction in manufacturing production volumes.'' Flash Germany PMI Composite Output Index continued to fall in August, landing at 47.6, which was referred to as ''the fastest fall in business activity since June 2020.''

''The PMI data paint a bleak picture of the German economy midway through the third quarter, showing a deepening decline in private sector business activity,'' the report read, stating that ''the outlook remains riddled with uncertainty'' due to the energy crisis.

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