Germany PMI October 2022


Germany: Composite PMI records worst reading since May 2020 in October

November 4, 2022

The S&P Global Composite Purchasing Managers' Index (PMI) dropped to 45.1 in October, down from September's 45.7. As a result, the index fell further below the 50.0 no-change threshold, signaling a deterioration in business conditions from the previous month.

The Manufacturing PMI came in at 45.1 in October, down from September’s 57.8, due to faster declines of output and new orders. Lastly, the Services PMI improved slightly, but remained in contractionary territory, coming in at 46.5 in October (September: 45.0). Demand in both sectors was affected by high inflation and greater caution among clients amid ongoing economic uncertainty. Looking at prices across both sectors, in October, input and output inflation eased only slightly and remained elevated. Finally, manufacturing firms’ sentiment eased to the lowest since the initial Covid-19 outbreak, while services firms’ sentiment improved slightly.

FocusEconomics Consensus Forecast panelists expect fixed investment to increase 0.0% in 2023, which is down 0.7 percentage points from last month’s forecast. For 2024, panelists see fixed investment growing 3.1%.


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