The HCOB Germany Composite PMI was revised slightly higher to 53.2 in February 2026 from a preliminary of 53.1, and above 52.1 in January. It is the highest reading in four months, amid faster increases in activity in both the manufacturing and service sectors. There was stronger demand for goods and services, including from abroad, as export sales rose simultaneously in both monitored sectors for the first time since February 2022. Conversely, February saw another broad-based decrease in employment, although the overall rate of decline eased due to a slowdown in factory job cuts. Backlogs meanwhile rose, albeit marginally, for the first time in four months. Turning to prices, a faster rate of increase in input costs contrasted with a slowdown in output price inflation, albeit with the latter remaining above its long-run average. Business expectations were little-changed, holding close to January’s 20-month high.
