-
Record contraction in Germany’s service sector as impact of coronavirus outbreak hits domestic economy
Business activity in Germany fell sharply in March, led by a record contraction in the country’s service sector, according to the latest ‘flash’ PMI® survey data from IHS Markit. The headline Flash Germany Composite PMI Output Index plunged from 50.7 in February to 37.2, its lowest since February 2009. The preliminary data were based on responses collected between March 12-23. The sharp drop in activity in March was driven by the service sector, where businesses highlighted the impact of efforts to contain the spread of the coronavirus disease 2019 (COVID-19). The Flash Germany Services PMI Activity Index came ... (full story)