German S&P Global Composite PMI Final (Jul) 51.3 vs. Exp. 51.2 (Prev. 49.5)
German Composite PMI reached 51.3 in July, signaling Q3 growth. However, renewed Middle East hostilities and rising energy costs pose persistent risks to sustainable recovery and inflation control.
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"The latest survey results showed the first signs of a pick-up in demand since the outbreak of the Middle East war, with new work rising slightly in July following four months of weakening demand. Confidence is slowly starting to return, as indicated by a further improvement in firms' growth expectations in the coming year. "Based on its recent direction of travel, the service sector looked well positioned to return to growth in the third quarter, but the recent flare-ups of hostilities in the Middle East show there are still substantial risks to the outlook."
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