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Germany's Construction Growth Near 7-Year High

Germany's construction sector expanded at the fastest pace in nearly seven years in January on mild weather, survey results from IHS Markit showed Tuesday.

The Purchasing Managers' Index rose sharply to 59.8 in January, the highest since March 2011, from 53.7 in December. A score above 50 indicates expansion in the sector.

All areas of the construction sector performed strongly in January, with the respective rates of expansion in housing and commercial activity among the fastest on record.

"We could see some payback in the coming months due to work having been brought forwards, but there's enough in the data to suggest the longer term prospects for the sector are bright," Phil Smith, principal economist at IHS Markit, said.

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