The S&P Global Flash Germany PMI Composite PMI fell to 51.9 in March 2026 from 53.2 in February, compared to forecasts of 52. The reading pointed to a slowdown in growth in Germany’s private sector to its lowest level in three months. The result owed entirely to a loss of momentum in the service sector, where business activity growth slowed (51.2 vs 53.5). By contrast, the rate of expansion in manufacturing production quickened to an over 4-year high (53.7 vs 52.5), buoyed by stronger inflows of new orders. There were reports of the Middle East war leading to increased demand, as some customers looked to avoid supply disruption and build up stocks. At the same time, there was a spike in cost pressures linked to the war, with input price inflation rising to the highest for over three years, mainly due to energy, fuel, transportation, wages and a range of raw materials. Also, there was a further broad-based drop in employment and business expectations fell noticeably. source: S&P Global

Composite PMI in Germany decreased to 51.90 points in March from 53.20 points in February of 2026. Composite PMI in Germany averaged 52.25 points from 2013 until 2026, reaching an all time high of 62.40 points in July of 2021 and a record low of 17.40 points in April of 2020. This page provides the latest reported value for - Germany Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI in Germany decreased to 51.90 points in March from 53.20 points in February of 2026. Composite PMI in Germany is expected to be 51.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Composite PMI is projected to trend around 51.90 points in 2027 and 52.50 points in 2028, according to our econometric models.


Components Last Previous Unit Reference
S&P Global Manufacturing PMI 52.20 50.90 points Mar 2026
S&P Global Services PMI 51.20 53.50 points Mar 2026

Related Last Previous Unit Reference
Bankruptcies 2037.00 1794.00 Companies Dec 2025
Ifo Business Climate 86.40 88.40 points Mar 2026
Capacity Utilization 77.40 77.70 percent Mar 2026
Car Production 358600.00 305900.00 Units Feb 2026
Car Registrations 211262.00 193981.00 Units Feb 2026
Changes in Inventories 21.01 20.55 EUR Billion Dec 2025
Composite Leading Indicator 101.59 101.40 points Feb 2026
Corporate Profits 210.63 207.12 EUR Billion Dec 2025
Electricity Price 88.32 88.32 EUR/MWh Apr 2026
Factory Orders MoM -11.10 6.40 percent Jan 2026
Ifo Current Conditions 86.70 86.70 points Mar 2026
Ifo Expectations 86.00 90.20 points Mar 2026
Industrial Production -1.20 0.40 percent Jan 2026
Industrial Production MoM -0.50 -1.00 percent Jan 2026
Manufacturing Production -2.70 0.90 percent Jan 2026
Mining Production -7.30 2.00 percent Jan 2026
New Orders 87.60 98.50 points Jan 2026
New Car Registrations YoY 3.80 -6.60 percent Feb 2026
Steel Production 2800.00 3100.00 Thousand Tonnes Feb 2026
ZEW Current Conditions -62.90 -65.90 points Mar 2026
ZEW Economic Sentiment Index -0.50 58.30 points Mar 2026


Germany Composite PMI
The S&P Global Germany Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across private sector activity. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
German Private Sector Growth Slows, Cost Pressures Rise
The S&P Global Flash Germany PMI Composite PMI fell to 51.9 in March 2026 from 53.2 in February, compared to forecasts of 52. The reading pointed to a slowdown in growth in Germany’s private sector to its lowest level in three months. The result owed entirely to a loss of momentum in the service sector, where business activity growth slowed (51.2 vs 53.5). By contrast, the rate of expansion in manufacturing production quickened to an over 4-year high (53.7 vs 52.5), buoyed by stronger inflows of new orders. There were reports of the Middle East war leading to increased demand, as some customers looked to avoid supply disruption and build up stocks. At the same time, there was a spike in cost pressures linked to the war, with input price inflation rising to the highest for over three years, mainly due to energy, fuel, transportation, wages and a range of raw materials. Also, there was a further broad-based drop in employment and business expectations fell noticeably.
2026-03-24
Germany Composite PMI Revised Slightly Up
The HCOB Germany Composite PMI was revised slightly higher to 53.2 in February 2026 from a preliminary of 53.1, and above 52.1 in January. It is the highest reading in four months, amid faster increases in activity in both the manufacturing and service sectors. There was stronger demand for goods and services, including from abroad, as export sales rose simultaneously in both monitored sectors for the first time since February 2022. Conversely, February saw another broad-based decrease in employment, although the overall rate of decline eased due to a slowdown in factory job cuts. Backlogs meanwhile rose, albeit marginally, for the first time in four months. Turning to prices, a faster rate of increase in input costs contrasted with a slowdown in output price inflation, albeit with the latter remaining above its long-run average. Business expectations were little-changed, holding close to January's 20-month high.
2026-03-04
German Private Sector Growth at 4-Month High
The HCOB Flash Germany Composite PMI increased to 53.1 in February 2026 from 52.1 in January, well above forecasts of 52.3. The reading showed that business activity growth in Germany accelerated to a four-month high, with both manufacturing (52.3 vs 51.4) and services (53.4 vs 52.4) also climbing to their strongest levels in four months. The upturn continued to be supported by stronger demand for goods and services, with inflows of new work rising for the fourth time in the past five months. The pace of job losses meanwhile remained solid, although it slowed slightly amid a stabilisation in backlogs of work and a fractional uptick in firms’ expectations for activity over the next 12 months. As for prices, the latest data indicated the steepest increase in input costs for three years which translated into another solid, albeit slightly slower, rise in average prices charged for goods and services, with the rate of inflation edging down from January’s 23-month high.
2026-02-20