Germany PMI Manufacturing rose from 57.4 to 60.5 in January, above expectation of 57.0, a 5-month high. PMI Services also rose from 48.7 to 52.2, above expectation of 48.0. PMI Composite rose form 49.9 to 54.3, a 4-month high.
Phil Smith, Economics Associate Director, at IHS Markit said: “January’s flash PMI numbers came in comfortably above consensus to show a surprisingly resilient performance from the German economy at the start of the year… Manufacturing is expected to stage a recovery in 2022 as supply bottlenecks ease… January’s services numbers, showing activity recovering slightly after the decline at the end of last year, were another positive surprise… Still, rising costs remain a concern for businesses, with the survey data showing that input prices are continuing to rise sharply and on multiple fronts.”
