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Germany's Private Sector Growth Moderates On Renewed Covid-19 Restrictions

Germany's private sector growth moderated to a five-month low in November amid tightening of Covid-19 restrictions, flash survey data from IHS Markit showed Monday.

The composite output index dropped to 52.0 in November from 55.0 in October. The reading was forecast to fall sharply to 50.4.

The decline was driven by an accelerated fall in services activity, while manufacturing continued to exhibit strong growth.

"However, the resilience being exhibited by the manufacturing sector, which the survey shows is benefitting for growing sales to Asia in particular, supports our view that any downturn in the final quarter is expected to be far shallower than those seen in the first half of the year," Phil Smith, an associate director at IHS Markit said.

At 46.2, the services Purchasing Managers' Index reached a 6-month low. The score was forecast to drop to 46.3 from 49.5 in October.

At the same time, the factory PMI came in at an elevated level of 57.9, but down from 58.2 a month ago. The expected reading was 56.5.

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