The S&P Global Germany Composite PMI was revised up to 51.3 in July 2026 from a preliminary estimate of 51.2, indicating the first increase in private sector activity in four months. Both the manufacturing PMI (52.2 vs. 50.3) and the services PMI (49.8 vs. 48.6) strengthened. The overall improvement was driven primarily by a notable rise in manufacturing output.
New business returned to growth, with expansions recorded in both services and manufacturing, supported by higher export sales. Employment declined at the slowest pace so far in 2026, reflecting a broad-based moderation in job losses, while business confidence rose to a five-month high. Despite an acceleration in input cost inflation, output prices for goods and services increased at a slightly slower rate.
