The HCOB Flash Germany Composite PMI increased to 53.1 in February 2026 from 52.1 in January, well above forecasts of 52.3. The reading showed that business activity growth in Germany accelerated to a four-month high, with both manufacturing (52.3 vs 51.4) and services (53.4 vs 52.4) also climbing to their strongest levels in four months. The upturn continued to be supported by stronger demand for goods and services, with inflows of new work rising for the fourth time in the past five months. The pace of job losses meanwhile remained solid, although it slowed slightly amid a stabilisation in backlogs of work and a fractional uptick in firms’ expectations for activity over the next 12 months. As for prices, the latest data indicated the steepest increase in input costs for three years which translated into another solid, albeit slightly slower, rise in average prices charged for goods and services, with the rate of inflation edging down from January’s 23-month high. source: S&P Global

Composite PMI in Germany increased to 53.10 points in February from 52.10 points in January of 2026. Composite PMI in Germany averaged 52.25 points from 2013 until 2026, reaching an all time high of 62.40 points in July of 2021 and a record low of 17.40 points in April of 2020. This page provides the latest reported value for - Germany Composite PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Composite PMI in Germany increased to 53.10 points in February from 52.10 points in January of 2026. Composite PMI in Germany is expected to be 52.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Composite PMI is projected to trend around 51.90 points in 2027 and 52.50 points in 2028, according to our econometric models.


Components Last Previous Unit Reference
HCOB Manufacturing PMI 50.90 49.10 points Feb 2026
HCOB Services PMI 53.40 52.40 points Feb 2026

Related Last Previous Unit Reference
Bankruptcies 1794.00 2108.00 Companies Nov 2025
Ifo Business Climate 88.60 87.60 points Feb 2026
Capacity Utilization 77.40 77.70 percent Mar 2026
Car Production 305900.00 263500.00 Units Jan 2026
Car Registrations 193981.00 246439.00 Units Jan 2026
Changes in Inventories 21.01 20.55 EUR Billion Dec 2025
Composite Leading Indicator 101.40 101.26 points Jan 2026
Corporate Profits 210.63 207.12 EUR Billion Dec 2025
Electricity Price 90.24 80.59 EUR/MWh Mar 2026
Factory Orders MoM 7.80 5.70 percent Dec 2025
Ifo Current Conditions 86.70 85.70 points Feb 2026
Ifo Expectations 90.50 89.60 points Feb 2026
Industrial Production -0.60 0.50 percent Dec 2025
Industrial Production MoM -1.90 0.20 percent Dec 2025
Manufacturing Production -0.30 1.00 percent Dec 2025
Mining Production 2.40 3.20 percent Dec 2025
New Orders 100.10 92.90 points Dec 2025
New Car Registrations YoY -6.60 9.70 percent Jan 2026
Steel Production 3100.00 2700.00 Thousand Tonnes Jan 2026
ZEW Current Conditions -65.90 -72.70 points Feb 2026
ZEW Economic Sentiment Index 58.30 59.60 points Feb 2026


Germany Composite PMI
The HCOB Germany Composite Output Index, which is a weighted average of the Manufacturing Output Index and the Services Business Activity Index, tracks business trends across private sector activity. The index tracks variables such as sales, new orders, employment, inventories and prices; and varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
German Private Sector Growth at 4-Month High
The HCOB Flash Germany Composite PMI increased to 53.1 in February 2026 from 52.1 in January, well above forecasts of 52.3. The reading showed that business activity growth in Germany accelerated to a four-month high, with both manufacturing (52.3 vs 51.4) and services (53.4 vs 52.4) also climbing to their strongest levels in four months. The upturn continued to be supported by stronger demand for goods and services, with inflows of new work rising for the fourth time in the past five months. The pace of job losses meanwhile remained solid, although it slowed slightly amid a stabilisation in backlogs of work and a fractional uptick in firms’ expectations for activity over the next 12 months. As for prices, the latest data indicated the steepest increase in input costs for three years which translated into another solid, albeit slightly slower, rise in average prices charged for goods and services, with the rate of inflation edging down from January’s 23-month high.
2026-02-20
Germany Composite PMI Rises in January
The HCOB Germany Composite PMI increased to 52.1 in January 2026 from 51.3 in December, but remained slightly below a preliminary estimate of 52.5, as a rebound in manufacturing production offset slower growth in services activity. Total new business expanded for the third time in four months, supported by a broad stabilization in export sales. Workforce numbers continued to decline, alongside further reductions in backlogs across both manufacturing and services. On the price front, average input costs rose at the fastest pace in nearly three years, while output charge inflation jumped to a 23-month high, driven mainly by higher service-sector prices as factory gate charges declined further. Business sentiment climbed to its highest level since May 2024.
2026-02-04
Germany Composite PMI at 3-Month High
The HCOB Flash Germany Composite PMI rose to 52.5 in January 2026, its highest level in three months, up from 51.3 in December and well above expectations of 51.6. The reading points to a strengthening in private-sector activity, driven primarily by faster growth in the services sector (53.3 vs 52.7), while manufacturing production returned to growth (50.5 vs 48.3). The improvement was underpinned by a renewed increase in new order inflows while business sentiment also strengthened markedly to the highest level since February 2022. However, there was a deterioration in labour market conditions, with employment declining at the fastest pace since mid-2020 across both services and manufacturing. In addition, businesses faced a sharp and accelerating rise in input costs, marking the strongest inflationary pressure in nearly three years. This fed through to a notable increase in output prices, which rose at their fastest pace since May 2023.
2026-01-23