21.02.201803:52:00UTC+00Germany's Private Sector Growth Slows In February

Germany's private sector expanded strongly in February but the pace of growth slowed from a near seven-year high seen in January, flash data from IHS Markit showed Wednesday.

The composite output index dropped unexpectedly to a 3-month low of 57.4 from 59.0 in January. The reading was expected to rise to 59.2.

The services Purchasing Managers' Index declined more-than-expected to 55.3 from 57.3 a month ago. The expected level was 57.0.

The manufacturing PMI came in at a 6-month low of 60.3 in February, down from 61.1 in January. The score was below the expected 60.5.

"The performance so far in the first quarter remains better than that seen in final three months of 2017, which saw GDP rise 0.6 percent," Phil Smith, principal economist at IHS Markit said.

IHS Markit is currently forecasting an improved outturn of 0.9 percent in quarter one, Smith added.