---
source: S&P Global
url: https://www.pmi.spglobal.com/Public/Home/PressRelease/444f6be3f701474398dfab659db4eda1
document_type: pdf
date_retrieved: 2026-04-23T07:45:00Z
period: April 2026
parent_publication: S&P Global Flash Germany PMI
indicators_covered: [Composite PMI, Services PMI, Manufacturing PMI]
---

# S&P Global Flash Germany PMI — April 2026

*Embargoed until 0930 CEST (0730 UTC) 23 April 2026*

## Headline Indices

| Index | April 2026 | March 2026 |
|-------|------------|------------|
| **Composite Output Index** | 48.3 | 51.9 |
| **Services Business Activity Index** | 46.9 | 50.9 |
| **Manufacturing Output Index** | 51.7 | 54.0 |
| **Manufacturing PMI** | 51.2 | 52.2 |

*Data were collected 9–21 April 2026. Sources: S&P Global PMI, Destatis via S&P Global Market Intelligence.*

## Commentary

**Phil Smith, Economics Associate Director at S&P Global Market Intelligence:**

> "The recovery in the German economy has been stopped in its tracks by the war in the Middle East. A ten-month sequence of growth came to an end in April as business activity contracted against a backdrop of heightened uncertainty and sharply rising prices.
>
> "The service sector has seen the greatest immediate impact, recording its steepest drop in activity in nearly three-and-a-half years at the start of the second quarter. The manufacturing sector saw output and new orders edge higher, although there are warning signs that it too could soon slip back into contraction, with growth of both production and sales slowing sharply and manufacturers now reporting a pessimistic outlook for the year ahead.
>
> "The business mood has darkened considerably since the outbreak of the war. There's seemingly been little spillover to the labour market as yet, with jobs being cut at only a slightly faster rate than the trend in the months before the outbreak of the war. That's likely to change, however, if activity remains suppressed and energy prices remain elevated.
>
> "Faced with rapidly increasing costs, firms raised average prices charged for goods and services at the quickest rate in over three years in April, in a sign of widening inflationary pressures."

## Summary

Business activity fell across the German private sector economy for the first time in almost a year in April, reflecting the effects of the war in the Middle East. Weaker demand led to the steepest drop in new business since December 2024, while intensifying cost pressures resulted in sharper increases in both goods and services prices, with output charge inflation jumping to its highest in over three years.

The downturn was led by a marked reduction in service sector business activity (index 46.9, 41-month low). Manufacturing output growth eased sharply to 51.7 (3-month low). Employment fell at a rate little-changed from the previous month. Business expectations turned negative, with confidence at its lowest since September 2024.

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*Full press release published by S&P Global Market Intelligence. © 2026 S&P Global.*