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12/4, 9:55 AM (Source: TeleTrader)
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German service sector growth accelerates in November

The growth in the German services sector accelerated in November, according to a preliminary report released by IHS Markit on Wednesday. The seasonally adjusted final IHS Markit Germany Services PMI Business Activity Index Index came in at 51.7, up from October's figure of 51.6.

"On the one hand, the service sector continues to grow and is yet to be dragged into contraction by the sustained downturn in manufacturing, but on the other hand, the increases we've seen over the past three months are some of the weakest over the past six-and-a-half years and leave the overall economic growth picture looking flat at best," Phil Smith, principal economist at IHS Markit, stated.

The Germany Composite Output Index also increased in November compared to the previous month but still remained in contraction territory as it stood at 49.4.

Breaking the News / NP