A preliminary PMI for the German economy rose to 52.6 in March, up from 50.7 in February. The rise was significantly greater than expected.
The corresponding index from France rose to 54, which was also better than expected.
But it is in the service sector that things are going well, according to the indices. The manufacturing industry in both countries has its foot on the brake pedal with index levels well below 50 – which forms the dividing line between increased and decreased activity in the sector.
The PMI for Germany’s manufacturing industry in March fell to 44.4, from 46.3 in February. Analysts had expected a rise to 47.
For the French manufacturing industry, the index rose from 47.4 in February to 47.7 in March. But analysts had expected a clearer lift, to 48.
The purchasing managers’ index for the service sector rose at the same time to 53.9 in Germany, against the expected 51. In France, there was a lift to 55.5, against the expected 52.5.