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3/4, 9:57 AM (Source: TeleTrader)
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Germany's services sector growth slows down in February

Germany Services PMI Business Activity Index stood at 52.5 in February, down 1.7 index points in comparison to the previous month, according to a report by IHS Markit published on Wednesday. The February 2020 figure was the lowest since November 2019.

It was pointed out in the report that only one of six services sub-sectors did not record growth. Meanwhile, Germany Composite Output Index, which takes both, the services and the manufacturing business activity into account, decreased by 0.5 index points to land at 50.7.

"Though the February data revealed a clear and immediate impact from the outbreak of coronavirus in China on foreign client demand, the domestic market had looked to be holding firm, helping the service sector achieve further - albeit slower - growth." Principal Economist at IHS Markit Phil Smith commented.

Breaking the News / MS