--- source: S&P Global url: https://www.pmi.spglobal.com/public document_type: statistical_release date_retrieved: 2026-03-17 period: February 2026 parent_publication: HCOB Composite PMI / S&P Global PMI indicators_covered: - Composite Output Index - Manufacturing Output Index - Services Business Activity Index country: Germany --- # HCOB Germany Composite PMI – Final Reading, February 2026 ## Executive Summary The HCOB Composite Output Index for Germany, a weighted average of the Manufacturing Output Index and the Services Business Activity Index, rose to **53.2** in February 2026 (final reading, revised upward from the preliminary 53.1). This represents a continuation of private sector expansion, signaling increased business activity compared to the prior month. **Key Metric:** The index reading of 53.2 remains above the 50-point threshold, indicating overall growth in Germany's private sector economy in February 2026, up from 52.1 in January 2026. --- ## Composite PMI Overview The HCOB Germany Composite Output Index is a weighted average of the Manufacturing Output Index and the Services Business Activity Index. It tracks business trends across private sector activity with particular attention to: - Sales - New orders - Employment - Inventories - Prices ### Index Scale The Composite PMI varies between **0 and 100**: - **Reading above 50** = Overall increase compared to the previous month - **Reading below 50** = Overall decrease compared to the previous month - **Reading of 50** = No change compared to the previous month --- ## February 2026 Results ### Final Data (March 4, 2026 Release) | Indicator | February 2026 (Final) | January 2026 | Change | |-----------|----------------------|--------------|--------| | **Composite PMI** | **53.2** | 52.1 | +1.1 | | Manufacturing Output Index | 50.9 | 49.1 | +1.8 | | Services Business Activity Index | 53.4 | 53.0 | +0.4 | --- ## Interpretation & Economic Context ### Composite Index at 53.2 A reading of 53.2 indicates **private sector expansion** across Germany's manufacturing and services sectors combined. The revision from the preliminary 53.1 to final 53.2 reflects slightly stronger-than-initially-reported economic activity in February 2026. ### Manufacturing Momentum The Manufacturing Output Index reached **50.9** in February (final), up from 49.1 in January. This marks the **first expansion in over three and a half years** for German manufacturing, signaling a significant turning point. The preliminary reading was 50.7, revised upward by 0.2 points in the final release. Key manufacturing drivers include: - Strong new manufacturing orders (fastest pace in nearly four years) - Recovering export demand - Initial signs of economic recovery after sustained contraction ### Services Sector Stability The Services Business Activity Index stood at **53.4** in February, indicating steady expansion in service sector activity. The modest 0.4-point increase from January suggests sustained, if gradual, service sector growth. ### Employment & Price Pressures Despite overall expansion signals: - **Employment:** Purchasing managers reported continued employment cuts, indicating cautious hiring practices despite improved output - **Cost pressures:** Elevated pricing remains a concern, reflecting ongoing inflationary pressures in the broader economy --- ## Data Source & Methodology **Source Institution:** S&P Global (S&P) in partnership with Hamburg Commercial Bank (HCOB) **Survey Basis:** The HCOB Composite PMI is constructed from surveys of purchasing managers across Germany's manufacturing and services sectors. Respondents assess economic variables relative to the prior month. **Publication Schedule:** PMI data is released monthly. Flash estimates typically appear mid-month; final composite and sectoral indices follow early in the following month. **Coverage Note:** This publication represents a **limited sample** of PMI headline data available under license from S&P Global. Full historic PMI headline data, all other PMI sub-indices, and detailed histories are available on subscription from S&P Global. For additional information, contact: **economics@spglobal.com** --- ## Eurozone & Regional Context The German Composite PMI of 53.2 (February 2026) contributes to broader **Eurozone PMI expansion**. Preliminary Eurozone Composite PMI for February stood at **51.9**, indicating that Germany is leading private sector growth among major eurozone economies. --- ## Forward-Looking Indicators ### Forecast vs. Outcome - **Payload Forecast:** 53.1 - **Actual Final Reading:** 53.2 (upside revision of +0.1) The upward revision of the final composite PMI from the preliminary 53.1 to final 53.2 exceeds the initial forecast expectation of 53.1, suggesting slightly stronger economic momentum heading into March 2026. ### Trajectory - **January 2026:** 52.1 - **February 2026 (Final):** 53.2 The month-on-month increase of 1.1 points indicates **accelerating momentum** in German private sector activity. If sustained, this trend would support higher growth projections for Q1 2026. --- ## Data Quality & Currency **Release Date:** March 4, 2026 **Data Period:** February 2026 **Data Type:** Final (revised from preliminary) **Indicators:** Composite (headline index combining manufacturing and services weighted indices) This release represents the **final, official reading** of the HCOB Composite PMI for February 2026, superseding the preliminary estimate released earlier in March 2026. --- ## License & Usage Full historic PMI headline data, sub-index detail, and extended analysis are available under subscription from S&P Global. For additional details on PMI coverage, indices, and methodologies, contact **economics@spglobal.com** or visit **www.pmi.spglobal.com/public**. The information in this document is derived from publicly available PMI data under license from S&P Global and reflects the official final reading for February 2026.