The IHS Markit Germany Services PMI was revised higher to 52.5 in August 2020 from a preliminary estimate of 50.8, still below July's final reading of 55.6. The latest figure pointed to a sharp slowdown in the service sector activity, as growth slowed in the Hotels & Restaurants and 'Other Services' sub-sectors amid a resurgence in COVID-19 cases, while the dominant Renting & Business Activities category fell back into contraction. Inflows of new work rose at a slower pace led by a steep and accelerated decrease in new export business. At the same time, employment rose only fractionally and more slowly than in July, while business confidence weakened. Turning to prices, input costs rose the most since February, while average charges levied by services firms continued to fall.
Services PMI in Germany averaged 52.85 points from 2007 until 2020, reaching an all time high of 60.30 points in January of 2011 and a record low of 16.20 points in April of 2020. This page provides the latest reported value for - Germany Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Germany Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Markit Economics
Services PMI in Germany is expected to be 52.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Germany to stand at 54.70 in 12 months time. In the long-term, the Germany Services PMI is projected to trend around 53.00 points in 2021 and 54.00 points in 2022, according to our econometric models.