The HCOB Germany Services PMI was revised slightly higher to a four-month high of 53.5 in February 2026 from a preliminary of 53.4, and compared to 52.4 in January, final figures showed. Growth was driven by stronger demand, as firms reported winning new clients and securing large projects. New business increased for a fifth straight month, with export orders posting their strongest rise since May 2023. Backlogs of work rose slightly, only the third increase in over two-and-a-half years, reflecting improved demand. However, employment declined for the second consecutive month, with the pace of job losses the fastest since June 2020. Cost pressures remained steep, mainly due to wages, energy, transport, and supplier prices, though input inflation eased slightly from January’s peak. Firms continued raising output prices, but less aggressively. Confidence dipped, but optimism stayed above average, supported by rising orders, hopes of broader economic recovery, and increased use of AI. source: S&P Global

Services PMI in Germany increased to 53.50 points in February from 52.40 points in January of 2026. Services PMI in Germany averaged 52.44 points from 2007 until 2026, reaching an all time high of 61.80 points in July of 2021 and a record low of 16.20 points in April of 2020. This page provides the latest reported value for - Germany Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Services PMI in Germany increased to 53.50 points in February from 52.40 points in January of 2026. Services PMI in Germany is expected to be 52.50 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Germany Services PMI is projected to trend around 52.00 points in 2027 and 52.50 points in 2028, according to our econometric models.



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Germany Services PMI
The HCOB Germany Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index. 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 Services PMI Revised Higher
The HCOB Germany Services PMI was revised slightly higher to a four-month high of 53.5 in February 2026 from a preliminary of 53.4, and compared to 52.4 in January, final figures showed. Growth was driven by stronger demand, as firms reported winning new clients and securing large projects. New business increased for a fifth straight month, with export orders posting their strongest rise since May 2023. Backlogs of work rose slightly, only the third increase in over two-and-a-half years, reflecting improved demand. However, employment declined for the second consecutive month, with the pace of job losses the fastest since June 2020. Cost pressures remained steep, mainly due to wages, energy, transport, and supplier prices, though input inflation eased slightly from January’s peak. Firms continued raising output prices, but less aggressively. Confidence dipped, but optimism stayed above average, supported by rising orders, hopes of broader economic recovery, and increased use of AI.
2026-03-04
Germany Services PMI Rises to 4-Month Low
The HCOB Germany Services PMI rose to 53.4 in February 2026 from 52.4 in January, a four month high and above forecasts of 52.3, signaling a stronger pace of expansion in the services sector. Activity improved despite slower growth in new business, although new export orders continued to increase. Outstanding work fell only marginally, suggesting limited pressure on capacity. However, employment declined at the fastest pace since June 2020 as firms accelerated staff cutbacks. Job losses came alongside sustained cost pressures, with input prices rising sharply and only slightly below January’s 12 month high, driven largely by higher wages. Service providers again raised selling prices at a steep pace, though slightly softer than the previous month. Meanwhile, business expectations for the year ahead remained unchanged from January, indicating stable but cautious sentiment despite improving activity.
2026-02-20
Germany Services PMI Falls to 4-Month Low
The HCOB Germany Services PMI fell to 52.4 in January from 52.7 in December, the lowest since September and below preliminary estimates of 53.3, but still signaling a fifth straight month of expansion. Activity and new business continued to grow, although at a slower pace, with firms reporting new clients and generally stronger demand, including from abroad. New export orders accelerated to the fastest growth since May 2023. At the same time, backlogs of work fell for a third month, pointing to limited capacity pressures, and employment declined at the sharpest pace since mid 2020 as firms cut staff amid rising costs. Input price inflation hit a 12-month high, driven mainly by higher labor and energy expenses, including a sharp rise in the minimum wage, prompting companies to raise selling prices at the fastest rate since last February. Despite cost pressures, business confidence improved, with expectations for the year ahead rebounding to the highest since May 2024.
2026-02-04