FX.co ★ Germany’s HCOB Composite PMI Slips to 51.9 in March, Still Signals Expansion

Germany’s HCOB Composite PMI eased to 51.9 in March 2026, down from 53.2 in the previous reading, according to data updated on 7 April 2026. Despite the decline, the index remains above the 50-point threshold that separates expansion from contraction, indicating that German private sector activity is still growing, albeit at a slower pace.

The moderation in the composite indicator, which tracks business conditions across manufacturing and services, suggests a cooling in the momentum of Europe’s largest economy during March. While the latest figure points to continued resilience, the softer reading may raise questions among investors and policymakers about the durability of Germany’s recent recovery trend.