German Private Sector Growth At 4-Month High

(RTTNews) - Germany's private sector growth accelerated to a four-month high in February, underpinned by improved performances in manufacturing and services, flash survey results from S&P Global revealed Friday. The HCOB flash composite output index registered 53.1 in February, up from 52.1 in January. This was the highest score since last October and well above economists' forecast of 52.3.

"Hurray, German industry is growing again," Hamburg Commercial Bank Chief Economist Cyrus de la Rubia said. "For the first time in more than three-and-a-half years, the headline manufacturing PMI is back in expansionary territory," de la Rubia added.

Data confirms the tentative signs of an economic turnaround that were particularly evident in January, the economist observed.

The flash services Purchasing Managers' Index hit a four-month high of 53.4, up from 52.4 in the prior month. Economists had forecast the indicator to remain unchanged at 52.4.

At the same time, the manufacturing PMI rose to a 44-month high of 50.7 from 49.1 in January. The reading was seen at 49.6.