The HCOB Germany Manufacturing PMI was revised higher to 49.1 in January 2026 from a preliminary of 48.7, the highest reading in three months, compared to 47 in December. Output levels returned to growth after a brief contraction in December, supported by increased intakes of new orders, which rose for the first time in three months, albeit only marginally. However, despite a slight improvement in firms' expectations for activity in the coming 12 months, there was another marked drop in factory workforce numbers, as well as further notable decreases in both pre- and postproduction inventories. There were also growing cost pressures across the sector as input prices rose at the quickest rate for over three years. Still, average factory gate charges fell slightly due to strong competitive pressures. source: S&P Global

Manufacturing PMI in Germany increased to 49.10 points in January from 47 points in December of 2025. Manufacturing PMI in Germany averaged 50.86 points from 2008 until 2026, reaching an all time high of 66.60 points in March of 2021 and a record low of 32.00 points in January of 2009. This page provides the latest reported value for - Germany Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in Germany increased to 49.10 points in January from 47 points in December of 2025. Manufacturing PMI in Germany is expected to be 49.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Manufacturing PMI is projected to trend around 51.50 points in 2027 and 52.30 points in 2028, according to our econometric models.



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Germany Manufacturing PMI
The HCOB Germany Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 420 manufacturers. The headline figure is the Purchasing Managers’ Index (PMI), which is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices. The index 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
Germany Manufacturing PMI Revised Higher
The HCOB Germany Manufacturing PMI was revised higher to 49.1 in January 2026 from a preliminary of 48.7, the highest reading in three months, compared to 47 in December. Output levels returned to growth after a brief contraction in December, supported by increased intakes of new orders, which rose for the first time in three months, albeit only marginally. However, despite a slight improvement in firms' expectations for activity in the coming 12 months, there was another marked drop in factory workforce numbers, as well as further notable decreases in both pre- and postproduction inventories. There were also growing cost pressures across the sector as input prices rose at the quickest rate for over three years. Still, average factory gate charges fell slightly due to strong competitive pressures.
2026-02-02
Germany Manufacturing PMI Signals Slowing Downturn in January
Germany’s HCOB Manufacturing PMI rose to 48.7 in January 2026, up from 47.0 in December and above market expectations of 47.8, according to preliminary data. The latest reading points to a moderation in the pace of contraction across the manufacturing sector as output returned to growth after slipping into contraction for the first time in ten months in December, although the expansion remained marginal. New order inflows edged higher following two months of decline, supported by a smaller drop in export orders. Meanwhile, employment levels continued to decrease. On the price front, input cost inflation accelerated to a 37-month high, while average factory gate prices declined at a modest pace.
2026-01-23
Germany Manufacturing Contracts for 1st Time in 10 Months
The HCOB Germany Manufacturing PMI fell to 47 in December 2025 from 48.2 in November and below the preliminary estimate of 47.7, signalling the sharpest contraction in ten months. Output fell for the first time after nine months of growth, driven mainly by weaker demand. New orders fell for the third time in four months, with export sales declining at their fastest pace since December 2024. In response, manufacturers cut employment, purchasing activity and input stocks more aggressively, underscoring a defensive stance. At the same time, supplier delivery times lengthened for a fourth month, and input costs rose for the first time in nearly three years, largely due to higher metal prices. However, intense competition prevented firms from passing these costs on, leading to further reductions in factory gate prices. Despite current weakness, business sentiment improved, supported by expectations of new products and higher defence and infrastructure spending.
2026-01-02