German Manufacturing Expands for First Time Since 2022

2026-02-20 08:38 By Joana Ferreira 1 min. read

The HCOB Germany Manufacturing PMI climbed to 50.7 in February 2026, up from 49.1 and well above forecasts of 49.5, according to a preliminary reading.

The move above the 50 threshold signals that Germany’s manufacturing sector expanded for the first time since June 2022.

Output increased for a second consecutive month, marking the strongest pace since October, while new orders posted their fastest growth in nearly four years, supported by a rebound in export demand.

Backlogs of work rose for the first time since May 2022, and although employment continued to decline, the pace of job losses was the second-slowest in almost two-and-a-half years.

On the pricing side, input costs rose for a third straight month at the fastest rate since December 2022.

Output prices also increased, though only marginally, ending a three-month period of declines.



News Stream
Germany Factory Growth Revised Up: PMI
The S&P Global Germany Manufacturing PMI was revised higher to 50.3 in June 2026 from a preliminary of 50, pointing to small growth in factory activity, compared to 50.1 in the previous month. There was a modest rise in output that was supported by a slight uptick in demand, while goods producers were a little more optimistic about the outlook. In addition, reports of delays and cost pressures both eased from the recent highs but firms continued to face substantial disruption across supply chains and a steep rate of input price inflation, both principally linked to the fallout from the war in the Middle East. "On the whole, it was a slightly more positive set of results for the German manufacturing sector in June than we saw the month before", according to Phil Smith, Economics Associate Director at S&P Global Market Intelligence .
2026-07-01
German Manufacturing Sector Weakens
The S&P Global Flash Germany Manufacturing PMI slipped to 50 in June 2026 from 50.1 in May, falling short of expectations of 50.5. This marked a five-month low, indicating that factory activity has largely stalled despite a marginal acceleration in output growth. New orders in manufacturing edged slightly higher, with a similar uptick recorded in new export business. However, overall momentum remained weak. Meanwhile, cost inflation eased but stayed elevated by historical standards. Manufacturer expectations improved for a second consecutive month, though sentiment remained subdued overall.
2026-06-23
Germany Manufacturing PMI Revised Slightly Up
Germany’s S&P Global Manufacturing PMI was revised higher to 50.1 in May 2026 from a preliminary of 49.9, continuing to point to nearly stabilization in the manufacturing sector, as uncertainty and soaring costs associated with the war in the Middle East acted as headwinds to demand. It is also the lowest reading in four months, with goods producers recording a fall in new orders for the first time in 2026 so far, whilst also facing the biggest price increase since June 2022. Also, output growth softened for the second month running and job cuts deepened. Meanwhile, business expectations remained relatively muted, although they did improve slightly from April's recent low.
2026-06-01