Germany’s private sector grew in September at its fastest rate since January, a survey showed on Monday, suggesting Europe’s largest economy will grow again this quarter, albeit less than in the previous three months.
Markit’s preliminary composite Purchasing Managers’ Index (PMI), which tracks growth in both the manufacturing and services sector and covers more than two-thirds of the economy, edged up to 53.8 in September from 53.5 in August.
The reading was above the 50 mark that separates growth from contraction for a fifth straight month as firms benefited from an increase in new business, particularly in the service sector.
“Germany’s economy remained firmly in recovery mode during September, and its strengthening performance should continue to reverberate across the euro area,” said Tim Moore, senior economist at Markit.
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