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3/3, 9:57 AM (Source: TeleTrader)
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German service sector activity down in February

Germany Services PMI Business Activity Index stood at 45.7 in February, marking a 1-index-point decrease in comparison to the previous month, according to a report by IHS Markit published on Wednesday. The figure marks the index's lowest point since May 2020.

Meanwhile, Germany's Composite Output Index, which takes the manufacturing business activity into account, along with services, gained 0.3 index points to reach 51.1. The main reason for the five-month contraction of the sector, according to the report, was the measures aimed at curbing the spread of the virus.

"Weakness in demand was seen across the board, with even firms operating in sectors outside of hospitality and leisure noting a wait-and-see attitude among clients and disruption from the restrictions on face-to-face contact and travel," Associate Director at IHS Markit Phil Smith asserted.

Breaking the News / BU