Germany PMI manufacturing dropped to 57.6, starting to drag on overall growth

Germany PMI Manufacturing dropped from 58.4 to 57.6 in March, above expectation of 55.9. PMI Services dropped from 55.8 to 55.0, above expectation of 54.3. PMI Composite dropped from 55.6 to 54.6.

Phil Smith, Economics Associate Director as S&P Global said: “Manufacturing is already starting to drag on overall growth, due to its greater exposure to the supply chain disruption and drop in export demand that have resulted from the war in Ukraine and sanctions on Russia…. Already-high inflation pressure has been exacerbated by the war… business confidence has taken a considerable hit.”