Activity in Germany’s manufacturing sector edged up in October, expanding for the fourth time in a row, while the country’s service sector expanded for the fifth month on a row, the flash data showed on Thursday.
The Purchasing Managers’ Index (PMI) for Germany’s manufacturing sector advanced to 51.5 points higher in October, rising from September’s final reading of 51.1, the premilinary reading from Markit Economics confirmed. Analysts forecasted an estimated figure of 51.4.
Meanwhile the German services sector, the flash reading edged 52.3 lower in October, down from 53.7 in September.
“Germany’s private sector started the final quarter of 2013 in a positive fashion as manufacturing and service sector output levels both increased from those seen during September. A slower rate of expansion in services activity meant that overall growth eased slightly from the trend recorded over the third quarter”, Tim Moore, senior economist at Markit and the author of the report said.
“However, the stronger manufacturing outturn during October is a signal that the Germany’s resilient economic performance has continued this autumn, while sustained gains in new orders suggest that private sector companies will remain on a growth footing in the months ahead”, Moore added.
Germany’s second quarter gross domestic product (GBP) showed an expansion of 0.7%, above the forecasted expansion of 0.6% made by analysts.
Last year, Germany’s GDP grew by 0.9% in the second quarter, above the 1.6% drop reported in the first quarter.
Germany makes-up approximately 27% of the whole Eurozone’s GDP. Germany has the second-lowest unemployment rate in the Eurozone, standing at 5.2% in August.
The ZEW Economic Sentiment for October climbed above the forecasted reading of 49.6 made by analysts, standing at 52.8 points.
Meanwhile Germany’s German Inflation data released earlier this month revealed that consumer prices in Germany advanced by 1.4% in September.
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