The German economy has staged a notable recovery in April, propelled by a robust uptick in the services sector. Data compiled by S&P Global indicates that the composite index for private sector production, encompassing both industry and services, surged to 50.5 from 47.7 points in the previous month, surpassing economists' projections.
While the Purchasing Managers' Index (PMI) for manufacturing witnessed a marginal increase to 42.2 from 41.9 points, it was the services sector that stole the spotlight, with the index soaring to 53.3 from 50.1 points, exceeding expectations.