BERLIN (Reuters) – The slowdown in the German economy eased slightly in March, with business activity in the services sector almost flat, the company said on Thursday.
The HCOB composite PMI, compiled by Global, rose to 47.4 in March from 46.3 in February. Expectations of a poll conducted by Reuters indicated an increase to 47.0.
March was the ninth consecutive month with a reading below the 50 mark, indicating contraction in economic activity.
“In general, Germany is now on the brink of technical recession,” said Cyrus de la Robbia, chief economist at Hamburg Commercial Bank.
The composite PMI takes into account the services and manufacturing sectors, which together account for more than two-thirds of the German economy.
The increase in the index was mainly driven by the near stability of services sector activity, with the related index rising to 49.8 from 48.3 in February, beating expectations of 48.8.
However, the manufacturing PMI fell to 49.8 from 48.3 in February.
The manufacturing PMI fell to 41.6 in March from 42.5 in February, hitting a 5-month low. This reading is lower than the Reuters poll's expectations of 43.1.
(Translated by Laura Contimori, Edited by Sabina Susi)
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