FX.co ★ Germany Manufacturing PMI Revised Up in Febuary

The HCOB Germany Manufacturing PMI was revised slightly upward to 50.9 in February 2026 from a preliminary estimate of 50.7, up from 49.1 in January. This marked the first move into expansionary territory in more than three and a half years, largely underpinned by stronger growth in both output and new orders, as well as a slower pace of decline in employment and stocks of purchases. Cost pressures also intensified, with input price inflation reaching its highest level in over three years. Factory gate prices rose for the first time in four months, though only modestly. At the same time, business expectations climbed to their highest level since February 2022. “A lot of that confidence likely comes from government infrastructure stimulus and the big jump in defence spending. We expect domestic demand to be the main driver of manufacturing growth this year,” said Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank.