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Germany PMI October 2023

Germany: Business activity slumps again in October

The HCOB Global Composite Purchasing Managers’ Index (PMI) came in at 45.9 in October, down from September’s 46.4. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in private sector operating conditions compared to the previous month.

Meanwhile, the Manufacturing PMI stood at 40.8 in October, up from September’s 39.6. Lastly, the Services PMI fell to 48.2 in October (September: 50.3).

Business conditions in Germany deteriorated more sharply than in the Eurozone overall for the fourth month running in October. The manufacturing sector continued to drag on activity, with output, new orders and employment all falling. Manufacturing businesses continue to be hit hard by the war in Ukraine, owing to Germany’s dependence on exports to fuel growth and past dependence on Russian fossil fuels. Meanwhile, in the services sector, output, new orders and employment all fell too. Looking at prices, across both sectors as a whole, input and output inflation eased. Finally, business sentiment improved in both sectors.

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