The HCOB Germany Services PMI dropped to 47.3 in August 2023, down from July's 52.3 and well below the market consensus of 51.5, a preliminary estimate showed. The latest reading pointed to the first contraction in eight months and to the greatest extent since November 2022. New business fell at a faster rate, the quickest seen since November last year, as clients showed hesitancy and both household and corporate budgets faced pressure from rising interest rates and high inflation. Also, exports continued to decline. Meanwhile, job creation virtually stalled, which meant that total employment was broadly unchanged during the month. In terms of prices, inflationary pressures intensified amid reports of a sharp and rapid rise in operating expenses, driven by higher fuel costs as well as sustained wage pressures. As a result, the rate of output charge inflation accelerated to a five-month high. Looking forward, service companies showed a renewed sense of optimism, although very subdued. source: Markit Economics

Services PMI in Germany averaged 52.66 points from 2007 until 2023, reaching an all time high of 61.80 points in July of 2021 and a record low of 16.20 points in April of 2020. This page provides the latest reported value for - Germany Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Services PMI in Germany is expected to be 47.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Services PMI is projected to trend around 54.50 points in 2024 and 53.60 points in 2025, according to our econometric models.

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Germany Services PMI



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

Germany Services PMI
The HCOB Germany Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. The index 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
47.30 52.30 61.80 16.20 2007 - 2023 points Monthly

News Stream
Germany Services Sector Falls Back Into Contraction
The HCOB Germany Services PMI dropped to 47.3 in August 2023, down from July's 52.3 and well below the market consensus of 51.5, a preliminary estimate showed. The latest reading pointed to the first contraction in eight months and to the greatest extent since November 2022. New business fell at a faster rate, the quickest seen since November last year, as clients showed hesitancy and both household and corporate budgets faced pressure from rising interest rates and high inflation. Also, exports continued to decline. Meanwhile, job creation virtually stalled, which meant that total employment was broadly unchanged during the month. In terms of prices, inflationary pressures intensified amid reports of a sharp and rapid rise in operating expenses, driven by higher fuel costs as well as sustained wage pressures. As a result, the rate of output charge inflation accelerated to a five-month high. Looking forward, service companies showed a renewed sense of optimism, although very subdued.
2023-08-23
Germany Services PMI Revised Higher
The HCOB Germany Services PMI was revised higher to 52.3 in July of 2023 from a preliminary of 52. It marks the lowest level in five months, mainly due to reduced demand for services, with inflows of new business falling for the first time in six months. On the price front, there was a pause in the recent easing trend in service sector inflationary pressures, driven by growing wage demands. Firms' input costs rose at a sharp rate, remaining relatively unchanged from June, while output price inflation showed a slight increase. Regarding employment level, companies continued to add to workforce numbers, thereby stretching the current sequence of employment growth to more than three years. Looking ahead, firms were no longer optimistic about the year-ahead outlook for activity amid high inflation and increasing interest rates.
2023-08-03
Germany Services Activity Slows Sharply
The HCOB Germany Services PMI fell to 52 in July 2023 from 54.1 in June and below forecasts of 53.1, preliminary estimates showed. The reading pointed to a second straight month of slowing services activity and the lowest growth since February, as new business declined for the first time in six months. At the same time, employment slowed marginally and both input and output costs rose at a faster pace, reflecting the pass-through of higher costs (often wages) to customers. Meanwhile, the cautious optimism among services firms seen in June was replaced by a slight pessimism towards the outlook.
2023-07-24