23.07.202109:23:00UTC+00German Private Sector Logs Record Growth In July

Germany's private sector logged a record growth in July driven by an ongoing rapid recovery in services activity, flash survey results from IHS Markit showed on Friday.

The composite output index rose to 62.5 in July from 60.1 in June. The latest score was the highest since January 1998 and above economists' forecast of 60.8.

Any reading above neutral 50.0 indicates expansion in the sector.

The services Purchasing Managers' Index advanced to a record 62.2 from 57.5 in the previous month. The score was expected to rise moderately to 59.1.

The manufacturing PMI came in at a three -month high of 65.6, up from 65.1 a month ago and economists' forecast of 64.2.

"Germany's private sector economy remains in the fast lane to recovery," Phil Smith, an associate Director at IHS Markit said. The index signals that the recovery still possesses strong momentum at the start of the third quarter.