Growth in Germany’s private sector picked up in February to reach its highest level in nearly three years, driven by humming factories, a survey showed on Tuesday, pointing to a strong first quarter in Europe’s biggest economy.
Markit’s flash composite Purchasing Managers’ Index (PMI), rose to 56.1 from 54.8 in January. The index tracks activity in manufacturing and services, which account for more than two-thirds of the German economy.
The reading, comfortably above the 50 line that separates growth from contraction, marked a 34-month high and came in much better than the consensus forecast in a Reuters poll of 54.7.
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