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Investing.com -- Business activity in Germany experienced a decline in May, representing the first contraction of the year, according to a survey published on Thursday.
This downturn was primarily due to a significant decrease in the service sector, which outweighed the slight growth observed in the manufacturing sector.
The HCOB German flash composite Purchasing Managers’ Index (PMI), compiled by S&P Global, declined to 48.6 in May, down from 50.1.
This figure is below the 50.0 threshold, which distinguishes growth from contraction.
Analysts who were surveyed had anticipated a reading of 48.9.
This indicates that the contraction in Germany’s business activity was slightly more severe than expected.
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