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Record Dive In German Business Activity Shows Shocking Coronavirus Impact: PMI
Thursday, 23 April 2020 14:59 WIB | ECONOMY |Ekonomi Jerman

Germany's private sector recession deepened in April as services and manufacturing suffered record falls in output due to the coronavirus outbreak and measures to contain it, a survey showed on Thursday.

IHS Markit's flash composite Purchasing Managers' Index (PMI), which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, plunged to 17.1 from 35.0 the previous month.

It was the lowest reading on record and compared with a Reuters poll of analysts who had predicted a much smaller drop to 31.0.

IHS Markit economist Phil Smith said the April survey revealed the full effects of the pandemic and subsequent lockdown on Germany's economy, with business activity across manufacturing and services falling at unprecedented rates.

The services sector was hit the most by the lockdown. The PMI sub-index for business activity in services plummeted to a record low of 15.9 after 31.7 the previous month.

Smith said service providers bore the initial brunt of the virus containment measures, but plunging demand and supply constraints had also caught up with manufacturers.

The PMI for manufacturing fell to 34.4 from 45.4 in March.

Source : Reuters

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