German private sector growth at 37-month high

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dpa/GNA – Germany’s private sector growth accelerated in March driven by a record expansion in manufacturing, flash data from IHS Markit showed on Wednesday.

The flash composite output index rose to a 37-month high of 56.8 from 51.1 in February. The reading was well above economists’ forecast of 51.6.

The result was driven by improved performances across both manufacturing and services.

The services Purchasing Managers’ Index came in at 50.8 versus 45.7 in the prior month. The expected reading was 46.2.

The manufacturing PMI advanced to 66.6 from 60.7 in the previous month and well above forecast of 60.8. The latest score was the highest since April 1996.

The survey hinted at the prospect of a better-than-expected economic performance in the first quarter, Phil Smith, an associate director at IHS Markit said.

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