German PMI Rises in July

The German economy maintained its move towards recovery during July, according to the latest flash purchasing manager’s index (PMI) data by IHS Markit.

The headline Germany Composite Output Index rose sharply again in July, recovering further from a record low in April.

The index recorded 55.5 in July, up from 47.0 in June, restoring its level above the 50-point mark for the first time since February due to the COVID-19 crisis.

Many companies reported strong increases in both output and new orders, and manufacturers recorded a solid rise in export sales.

Meanwhile, business confidence continued to improve.