The HCOB Germany Composite PMI dropped to 44.7 in August 2023 from 48.5 in July, which was well below the forecast of 48.3, a preliminary estimate showed. The reading indicated the sharpest contraction in private sector activity since the aftermath of the COVID-19 outbreak in May 2020. The contraction in factory activity deepened to the quickest rate in over three years (index at 39.7), while service sector output fell for the first time in eight months and to the greatest extent since November 2022 (index at 47.3). Total inflows of new orders contracted for a fourth consecutive month, amid a sustained decline in new export business, while backlogs of work were again reduced and employment remained broadly unchanged. Regarding prices, rates of input cost and output charge inflation ticked up for the first time in 11 and seven months, respectively, driven in part by a rise in fuel prices. Looking ahead, firms remained pessimistic about the year-ahead outlook for activity. source: Markit Economics

Composite PMI in Germany averaged 52.89 points from 2013 until 2023, reaching an all time high of 62.40 points in July of 2021 and a record low of 17.40 points in April of 2020. This page provides the latest reported value for - Germany Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany Composite PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Composite PMI in Germany is expected to be 45.10 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Composite PMI is projected to trend around 54.20 points in 2024 and 53.40 points in 2025, according to our econometric models.

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Germany Composite PMI



Related Last Previous Unit Reference
Manufacturing PMI 39.10 38.80 points Aug 2023
Services PMI 47.30 52.30 points Aug 2023
Composite PMI 44.70 48.50 points Aug 2023

Germany Composite PMI
The HCOB Germany Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across private sector activity. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
Actual Previous Highest Lowest Dates Unit Frequency
44.70 48.50 62.40 17.40 2013 - 2023 points Monthly

News Stream
German Output Contraction Deepest in Over 3 Years
The HCOB Germany Composite PMI dropped to 44.7 in August 2023 from 48.5 in July, which was well below the forecast of 48.3, a preliminary estimate showed. The reading indicated the sharpest contraction in private sector activity since the aftermath of the COVID-19 outbreak in May 2020. The contraction in factory activity deepened to the quickest rate in over three years (index at 39.7), while service sector output fell for the first time in eight months and to the greatest extent since November 2022 (index at 47.3). Total inflows of new orders contracted for a fourth consecutive month, amid a sustained decline in new export business, while backlogs of work were again reduced and employment remained broadly unchanged. Regarding prices, rates of input cost and output charge inflation ticked up for the first time in 11 and seven months, respectively, driven in part by a rise in fuel prices. Looking ahead, firms remained pessimistic about the year-ahead outlook for activity.
2023-08-23
Germany Private Sector Shrinks in July
The HCOB Germany Composite PMI was revised slightly higher to 48.5 in July 2023 from a preliminary of 48.3, but still pointed to the biggest contraction in private sector activity since November. It reflected a combination of a slower rise in services activity (52.3 vs 54.1) and a deeper decline in manufacturing (38.8 vs 40.6), amid a general weakening of demand for goods and services, which included a broad-based reduction in new business from abroad. Meanwhile, input cost and output charge inflation slowed due to an increased drag from falling manufacturing prices. On the jobs front, employment growth came close to stalling and was confined to the service sector. Also, business expectations turned pessimistic, as a deterioration in services confidence was accompanied by growing pessimism in manufacturing.
2023-08-03
Germany Private Sector Activity Back to Contraction
The HCOB Germany Composite PMI fell to 48.3 in July 2023 from 50.6 in June and below forecasts of 50.3, a preliminary estimate showed. The reading pointed to the first contraction in private sector activity so far this year and the biggest since November, with manufacturing production falling at the fastest rate since May 2020, amid rapidly declining demand for goods. Also, the upturn in services activity continued to lose momentum as growth slowed to a five-month low amid a renewed fall in inflows. Total inflows of new work fell the most in more than three years, weighed by a range of factors, including customer hesitancy, destocking, high inflation and rising interest rates. Meanwhile, backlogs of work shrank the most in over three years, employment growth slowed sharply and price pressures continued to ease led by manufacturing although services prices rose faster. Finally, expectations towards future activity turned negative for the first time this year.
2023-07-24