Sweden Herald
German economic activity unexpectedly turns
Photo: Francois Mori/AP/TT
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German economic activity unexpectedly turns higher in July, PMI shows

The level of activity in the German economy unexpectedly turned upward in July, according to a purchasing managers' index from S&P Global. The composite index - which includes both the manufacturing and services sectors - rose to 51.2 in July. This compares with 49.5 in June.

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An index above 50 indicates increased activity. The average forecast among analysts was for a July index of 49.7.

“The German economy has started the third quarter positively,” said S&P Global economist Phil Smith in a press release.

But he warns of setbacks after developments in the Middle East in recent weeks, which are pushing up energy prices.

A turn in the right direction is also visible in S&P Global's French Purchasing Managers' Index, which rose to 49.6, compared with 47.2 in June.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers
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