German services sector rose to the highest level since May in March

German services sector rose to the highest level since May in March

The German services sector rose to the highest level since May in March, as data from the Standard & Poor’s Global Index showed that the services PMI in Germany rose to 53.7 points in March, compared to 50.9 points in February, which is the highest pace of growth since last May.

The composite PMI, which combines the industrial and services sectors in the largest economy in the euro zone, rose to 52.6 points in March, compared to 50.7 points in February. Other data from the Federal Statistical Office showed that German industrial orders rose more than expected, rising by 4.8% in February.

“Overall, there are signs of an economic recovery at the beginning of 2023 following a weak quarter-end in 2022,” the Economy Ministry said.