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Germany Private Sector Growth Eases In March

Germany’s private sector growth eased in March due to the combination of rising prices, material shortages, geopolitical uncertainty and COVID-related absences, survey data from S&P Global showed on Thursday.

The flash composite output index dropped less-than-expected to 54.6 in March from 55.6 in February. The expected score was 53.7.

The services Purchasing Managers’ Index came in at 55.0, down from 55.8 in the previous month. However, the score was above the economists’ forecast of 53.8.

Likewise, the manufacturing PMI fell to 57.6 in March from 58.4 a month ago. The expected core was 55.8.

The survey showed a surge in inflationary pressures across the economy, with businesses registering record increases in both input costs and output prices. Prior to Russia’s invasion of Ukraine, the German economy was starting to build up a head of steam as supply bottlenecks were showing signs of easing and COVID-restrictions were being relaxed, but it now faces a much more uncertain path, Phil Smith, Economics Associate Director at S&P Global said.

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