German Composite PMI tumbles to record low in April
The Flash PMI Composite Output Index for Germany fell to 17.1 in April, the lowest figure ever recorded in 22 years, IHS Markit reported in its flash estimate on Thursday.
Flash Services PMI dropped to 15.9, another record low, while the manufacturing PMI stood at 34.4, a 133-month low. Businesses’ expectations for the twelve months recovered slightly from March, albeit still remaining deep in the negative territory.
“April’s PMI surveys reveal the full effects of the COVID-19 pandemic and subsequent lockdown on Germany’s economy, showing business activity across manufacturing and services falling at a rate unlike anything that has come before,” principal economist at IHS Phill Smith said in the press release.
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