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Germany April Services Growth Less-Than-Expected

Germany's services sector grew less-than-expected in April, final data from a Markit Economics/BME survey revealed Friday.

The Purchasing Managers' Index (PMI) for the services sector edged up to 52.2 from 52.1 in March. The final reading was below the flash estimate of 52.6.

A PMI reading above 50 indicates growth in the sector. The German services sector expanded for the seventh successive month.

The Composite PMI, which measures the combined output of the manufacturing and services sectors, declined to 50.5 in April from 51.6 in March. The final reading was below the earlier estimate of 50.9.

"April's survey suggests the prospect of Germany returning to recession in 2012 is resting on an even thinner knife edge," Markit Senior Economist Tim Moore said.

"The final services output number fell short of the earlier 'flash' estimate, and this follows hot on the heels of the manufacturing PMI showing an another outright contraction in April."

by RTTNews Staff Writer

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