Brandenburg Gate in Berlin, Germany

Germany PMI March 2022

Germany: Composite PMI inches down in April as the Ukraine war dents manufacturing sector

The S&P Global Flash Germany Purchasing Managers’ Index (PMI) eased to a three-month low of 54.5 in April from March’s 55.1 reading. The moderation in improvement was likely due to the effects of the war in Ukraine. However, the index remained well above the 50-threshold and continued to signal a robust improvement in business conditions from the prior month.

April saw the first contraction in manufacturing output since June 2020. Goods producers faced weakened demand as the war in Ukraine heightened uncertainty, and lingering material shortages were exacerbated by the sanctions placed on Russia and by renewed Covid-19 restrictions in China. More positively, softer domestic Covid-19 restrictions allowed business conditions in Germany’s services sector to improve at the strongest clip in nearly two years and the inflow of new business to expand to the highest level since August last year. Foreign demand for German services declined, however. Turning to prices, inflationary pressures escalated in both the services and manufacturing sectors. Input costs in the manufacturing sector rose to a four-month high, and reached a record high in the services sector. Consequently, output prices were raised at record high speeds.

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